VIC 60 day rent increase notice

12 month contract coming to an end in 2 weeks and tenant has just decided that they want to renew (1 staying tenant, another being replaced with a new applicant who is yet to be vetted).
I want to increase rent for new term by 3% after 6 years of no rent rises.
Agent says we need to give 60 days notice and that new contract cannot start until June.

60 days notice for a new contract? If so, why would you not start the contract now and specify that rent is rise to in June?
Does your agent periodically appraise and advise on rent adjustment to market rates? This has never happened.

 

Yes - it's a renewal as one existing tenant is remaining.

The new lease should specify the date when the new rent is to commence.

 

What you should have done is make a note in your calendar 80-90 days before your lease expires. Research what your property is worth and tell your PM to offer them a new lease at an increase of $x per week so when the old lease ends, the new lease begins with the increased rent.

 

For the past year we’ve not been able to do rent increases until the 29/03, but normally should start these discussions about 3 months ahead. Yes, your agent should be contacting you to discuss each year.

So yes, your rent increase cannot start immediately - but there’s no reason you cannot do a fixed term lease immediately with an increase from June.

 

Hi Samantha, do you automatically send out a copy of the lease and entry condition report to the landlord when you have a new tenant sign up? Is that standard practice in Victoria?

 

Yes. I believe it should be standard practice.