Regulatory framework & lease agreements

Rent

The monthly fee a tenant pays the landlord for the right to live in the property, separate from ongoing utility payments (electricity, water, municipal property tax).

Rent is agreed upon by both parties and set out in the contract. There is no legal rent ceiling, so the amount depends on market forces, location, and property condition. Most contracts also link payments to the Consumer Price Index, which adjusts future rent according to inflation.

Payments must be made on the date specified in the lease (typically the 1st or 5th of the month). Late payments can constitute a breach of contract and, in severe cases, trigger eviction proceedings. If a tenant overstays past the lease term without a formal extension, the law allows the landlord to charge up to 1.5 times the monthly rent.

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Related terms

Rental Agreement

A contract between a landlord and tenant detailing lease terms, contract duration, rent amount, and the obligations of each party.

Holdover Tenant

A tenant who remains in the rental property after the lease expires without entering a new agreement or exercising an agreed-upon option.

The information in this glossary is for general informational purposes only and does not constitute legal advice. In the event of a dispute or a specific legal question, consult an attorney specializing in tenancy law.