Prince Edward Island (PE) lease form
Quick answer
PEI mandates the Standardized Form of Rental Agreement under the Residential Tenancy Act (2023). Parties who do not sign the prescribed form are deemed to have done so and all statutory provisions apply automatically. Rent increases are set each year by IRAC (2.3% for 2025, with a potential extra 3% on application); landlords must give 3 months' written notice before any increase. Security deposits cannot exceed one month's rent for monthly or yearly tenancies.
Revun generates a Prince Edward Island-ready lease with the required disclosures and clauses built in, then handles e-signature, rent, and renewals on the same platform.
Landlord must provide and sign the prescribed standardized form; if no written form is signed, all statutory provisions are deemed to apply.
Tenants must receive a written copy of the signed agreement within 21 days of entering the tenancy; failure releases the tenant from terms beyond statutory minimums.
The agreement must state the landlord's full name and address where notices and documents may be served.
The agreement must disclose the deposit amount and confirm it will be held in trust at a bank or credit union earning interest at the legislatively set rate.
General information, not legal advice. Governing statute: Residential Tenancy Act, SPEI 2022, c 23 (in force April 2023). Confirm current requirements or consult an attorney before finalizing a lease.
Prince Edward Island lease FAQ
A written agreement is not strictly required since verbal agreements are legally binding, but parties who do not use the Standardized Form are deemed to have signed it and all its terms apply automatically.
Yes, a no-pets clause is enforceable for new tenants. However, landlords cannot apply a new no-pets policy retroactively to existing tenants, and service animals cannot be refused under PEI human rights legislation.
2.3% as the standard allowable increase set by IRAC, with a maximum additional 3% available by application, for a total maximum of 5.3% with approval.
The Director of Residential Rental Property and the Island Regulatory and Appeals Commission (IRAC) hear all rental disputes, security deposit claims, and rent increase applications.
