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When a lease agreement ends, it doesn't always lead to a parting of ways for landlords and tenants. Sometimes, a new lease is established or the original lease is extended through a lease extension addendum. This contract extends the original lease by setting a new expiration date agreed upon by both parties. Additionally, it can address changes in rent prices, often reflecting an increase if the original lease is about to expire. The lease extension addendum preserves all other terms from the original agreement. For it to be valid and enforceable, both the landlord and tenant must sign the addendum. If you're facing the end of a lease, consider these options carefully.
