The caretaker delivered a letter from the agency this evening. The agency has decided to do a "complete renovation" of the building, so they are terminating our leases by August 31st.
They will pay up to $500.00 for the cost of the move according to the Residential Tenancy Laws here, based on the reason that we are being told we have to move out.
As a tenant we are each being given the option of requesting "first refusal", meaning that once the renovations are complete, that the agency would have to offer us the first offer to re-rent the apartment we are in. However, the rent would be different. According to the letter it will be "the lowest rental price" that the unit will be rented to another tenant for. How much that is, it doesn't say.
So looks like I'm going to be apartment hunting. I've been wanting to move for years, but have not had the health and/or finances at any given time. So looks like this is the year whether I want to move or not. I've been reading about the rental situation where I live for quite awhile. There is less than 1% vacancy rate. So that doesn't sound very encouraging!!
But we'll see what comes up.
They will pay up to $500.00 for the cost of the move according to the Residential Tenancy Laws here, based on the reason that we are being told we have to move out.
As a tenant we are each being given the option of requesting "first refusal", meaning that once the renovations are complete, that the agency would have to offer us the first offer to re-rent the apartment we are in. However, the rent would be different. According to the letter it will be "the lowest rental price" that the unit will be rented to another tenant for. How much that is, it doesn't say.
So looks like I'm going to be apartment hunting. I've been wanting to move for years, but have not had the health and/or finances at any given time. So looks like this is the year whether I want to move or not. I've been reading about the rental situation where I live for quite awhile. There is less than 1% vacancy rate. So that doesn't sound very encouraging!!
But we'll see what comes up.