Currently a landlord can pursue a lease-breaking tenant for compensation to cover loss of rent, advertising and letting fee.
That amount is determined on a case-by-case basis.
The new regime (NSW), will see a set formula to determine how much penalty a tenant would pay (provided the term is three years or less):
• Four weeks' rent if less than 25 per cent of the lease had expired
• Three weeks' rent if 25 to less than 50 per cent of the lease had expired
• Two weeks' rent if 50 to less than 75 per cent of the lease had expired
• One week's rent if 75 per cent or more of the lease had expired
RealRenta Landlords have the advantage of automatically date and time-stamped interactions with their tenants.
RealRenta creates a file for each tenancy, where landlords and tenants can upload documents, agreements, photos and videos onto the platform, to form part of the file.
Landlords can advise tenants of inspections and tenants can request maintenance via the platform and RealRenta is always free for your tenants.
Join the growing
number of smarter Aussie property investors saving thousands of dollars per
year self-managing with us.
Start your free trial
Wednesday, 22 January 2020