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I’m in year two of a three year lease and I got notified that my landlord is increasing my rent starting at the beginning of year three
My building is not rent controlled and it’s a big jump (almost 10% increase in monthly rent) and I am wondering if I am able to exit the lease early under these circumstances. I couldn’t find any information online but I can’t afford to keep the place.
Edit: I am in Ontario
Edit 2: thank you for all of the comments seems like I’m in a tough situation and tbh my landlord is scummy so I don’t know how things will work out but I appreciate the suggestions and advice
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This is so dystopian. Every lease I've ever heard of has both the term and price fixed in the contract. The ONLY time I can see this as being remotely morally acceptable is for like, commercial real estate in up and coming areas.
This is basically extortion with a nice side dish of coercion (sign this lease that gives me power to essentially legally rob you OR get sued/be homeless).