Landlords can’t increase rent on fixed-term tenancy agreements, unless it has been written into the agreement.
Once the agreement has finished however, you can choose to move the tenant onto a periodic or rolling lease and on these types of agreements, rent can be increased with more frequency.
In NSW, there is no limit to how often you can increase rent, however you must provide the tenant with 30 days notice.
In the NT, you only need to provide tenants with 30 days notice.
There isn't a set percentage by which rent can or can't be increased, however consider the following when determining the amount:
* Market rents for similar properties in the area
* The conditions of the property
* Levels of repair to the property and how much you will have to spend
* How much time has transpired since the last increase
* Your proposed increase compared to the current trend
Find out why RealRenta is disrupting the real estate industry with our self-management platform.
RealRenta is for smart investors, who realise that they are no longer bound to traditional property management and the associated high fees.
Market rents for similar properties in the same area
•The conditions of the property
•Levels of repair to the property and how much you have had to spend
•How long it has been since the last increase
•Your proposed increase compared to the current trend
Find out why RealRenta is disrupting the Real Estate industry with our Self
Management platform
RealRenta is for Smart Investors, who realise that they are no longer bound to
traditional property management and the associated high fees.
Jason Gwerder
Tuesday, 2 July 2019
