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best time to renew leases

Discussion in 'Property Management' started by Angel, 19th Jun, 2016.

  1. Angel

    Angel Well-Known Member

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    Paradise, Brisbane
    I am taking over the management of our property at Redcliffe and the tenant's current lease expires on 30 January 2017. They want our new lease to be drawn to the same date. What would be a better time, 30 June or earlier in January? The rent is low according to the valuation and they know that I intend increasing it at the next renewal as I don't think it is appropriate to change it now which is part-way through the current term.

    Anything else I need to be aware of? Thanks
     
  2. EN710

    EN710 Well-Known Member

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    Do you mean renewing the lease after 20 Jan? I woyld have thought you would need to continue the current lease as is anyway?
     
  3. Sonamic

    Sonamic Well-Known Member

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    Leave it at January. Peak rental time (+$). Harder to lease in the middle of winter (-$). If you can wind it back to mid/early January even better. Prime time, after Xmas and before school starts.
     
  4. Angel

    Angel Well-Known Member

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    No we are writing up a fresh lease now, removing the property managing company.
     
    EN710 likes this.
  5. Angel

    Angel Well-Known Member

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    Current lease ends 30th January which is after school has started. So early/mid January should be best. That's what I thought.
     
    Rachael Hall, WattleIdo and EN710 like this.
  6. Nick Valsamis

    Nick Valsamis Well-Known Member

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    There shouldn't be anything wrong with the mid-late January period because this is the time when people really begin looking again after the Christmas break.

    As a guide, you can check on SQM and see which months generally have the lowest amount of properties for rent. This should give you some insight into better months to limit competing properties and ensure better results.