I have lived in my apartment for 2 years and have always paid rent 1 year up front due to the cost reduction offered. I have also always signed a 1 year lease with option to renew at a specified renewal rate.
My lease starts in March of every year. We agreed that I would notify the landlord of the exercise of the lease renewal option by Dec 15th (for March 1st lease). I was also required to make a deposit of 20% of the yearly rent on that date (12/15)
I notfied the landlord on December 20th (5 days late), I was traveling. I emailed him to confirm and get the wire instructions to send the money. He aknowledged the email and confirmed the bank account and I wired the deposit over.
21 days later the landlord emails me asking if I am renewing the lease. I remind him that we already did renew. He then states that he located the wire transfer and its late, therefore the renewal is void and will be mailing a check back to refund me for the deposit. Says my rent willl go up 45% begining in March.
This is a non-regulated apartment. What are my rights here? Isn't accepting and confirming payment, accepting terms? Does notfying of renewal 5 days late give grounds for termination? Could that be considered diminimus?