How leases work in PEI
Under PEI's Residential Tenancy Act, proclaimed in April 2023, there is a standard form of tenancy agreement. What is distinctive is that its required provisions apply even if the parties use a different written agreement, or none at all: a landlord and tenant who do not sign the standard form are still treated as having agreed to its standard provisions. The agreement is administered by the Island Regulatory and Appeals Commission (IRAC) Rental Office.
Deposits in PEI
For most tenancies a security deposit can be no more than one month's rent; for a weekly tenancy it is capped at one week's rent. The deposit is returned with interest after the tenancy ends, generally within ten days once the tenant has given notice and returned the keys, unless there is damage or unpaid rent.
What the standard provisions guarantee
Because the standard provisions apply regardless of the form used, any alteration or deletion of a provision the standard agreement is required to contain is void. The standard terms are the floor, and a private clause cannot drop below them.
Once a lease is signed, keeping it, the rent record, and the key dates in one place is what turns a later question into a lookup. See how Habyn handles lease management and rent tracking.