Rerent Levy
From LawDepot Law Library
Definition of "Rerent Levy"
A rerent levy is a fee charged by a landlord to recover the lost rental income and costs associated with finding a new tenant when a tenant has broken the lease conditions and vacated prior to the expiry of the lease term. Rerent levy charges are usually only made when the term of the lease is six months or more. Some jurisdictions do not permit the landlord to charge a rerent levy. The amount charged must be reasonable given the circumstances, and must not exceed the damages that the landlord expects to suffer from the tenant leaving early.
