Hi all We have a property that is has a lease coming to an end and although still outside the 21 day notice time, the tenant has stated that they want to go to a periodic lease. I would obviously prefer a fixed lease. The rent is about $20 a week under market at the moment. We cannot advertise for a new tenant yet but was just wondering what the price becomes for the periodic lease or is it a continuation of the fixed lease price. Is it common place to advertise for a new tenant while the tenant is periodic or is it best to wait until the property is empty?
Do you want to keep the current tenant? I'd send out notice for a rent increase and if they question it offer a fixed term lease again at the current rent as a compromise.
The tenant is fine but as we are overseas we would prefer to lock something in for 12 months. I have just been informed the following from the property manager in relation to the notice we need to give the tenant: Unfortunately the tenant is not in breach of her lease so the only notice that you can give is 4 weeks if you are moving into the property, 8 weeks if you are selling, 12 weeks if you are renovating & if none of these apply then it is 26 weeks. Wow 26 weeks if we just want to switch tenants once the fixed lease is completed. I really don't understand the point of the fixed lease, the landlords have no control over their own property regardless.
Ahh... Periodic seems really common down here. We rented for the first 3years we were here but went periodic after our first lease. Can't say the agency we rented through pushed the new lease very hard though, they just called to ask us to come in and renew but never followed up and only did that after the first lease. They always sent out an annual increase though, one was $50 a week. We ended up buying here as it was cheaper than the rent as we ended up well above market rent as rents were dropping in the last year (just before last fed election - they had to drop it $100 a week to get it rented when we left). I'm not sure if any landlords down here can give you better advice. Maybe bump up the rent more than market?
