Document background
The Commercial Rent Increase Letter is a crucial document in Canadian commercial property management, used when a landlord needs to formally notify a tenant of an upcoming rent increase. This document is typically issued in accordance with the notice periods and increase provisions specified in the original lease agreement, and must comply with relevant provincial commercial tenancy laws. While residential rent increases are strictly regulated in Canada, commercial rent increases are primarily governed by the terms of the lease agreement. The letter should be issued well in advance of the intended increase date, usually as specified in the lease terms, and must clearly state the current rent, new rent amount, percentage increase, effective date, and any relevant justification. This document serves both as a formal notification and as an important record for both parties' financial and legal documentation.
