Lease Extension Agreement | Residential & Commercial

Find the original lease and look it over to see when it ends. The most common change in a lease extension is the rent amount that is paid per month. Depending on economic conditions, it can be argued by either party whether to have it lowered or increased.

Contact the other party and ask if they have any intentions of extending the lease under the current or new terms. This can be done by phone or email. Some property managers will send a letter in the mail asking the tenant if they would like to stay on the property for a longer period of time with contact information if they wish to do so.

The landlord or property manager will send the addendum to the tenant. The addendum is added to the current lease with any changes, such as the extension period and the new rent amount. Unless there are other changes listed in the addendum, the remaining portion of the lease will remain intact.

The landlord and tenant can agree to meet at a designated place to sign or send the document via electronic signature. Depending on the preference of the parties any of the options should suffice.