Tenancy end date

Hi,
Currently gauging thoughts of people about a current tenancy and the end date.
We have a unit in Brisbane with a current lease ending early/mid November which was fine at the start. Tenant has asked to extend to end of November.
It is a 1 bedder, so has previously had students.
What would peoples approach be to this request?
Thanks

 

The alternative would be what? Not extending and facing vacancies on the property?

What is the concern here?

 

No concern, but happy to take ideas if you have any how to maximise my position, I'm open to the option to make the most money from this scenario.
What is your experience as a PM about only having a house available 3 weeks before Christmas vs 6 weeks before Christmas?

 

Hi Hosko,

You have already nailed the major concern regarding the time before Christmas, particularly in the one bedroom unit market in Brisbane at the moment.

A major consideration with the lease expiration dates generally is timing them as best you can so they do not fall too close to certain periods of the year, and if you're a multi-property holder, to make sure your lease end dates do not fall too close each of your other properties to avoid vacancy at the same time.

If you have a lease expiring in early/mid-November there is no way at all I would be extending that until late November in the current market for your location and property type. I would offer them to stay until mid-January at the earliest as an extension (because, yes the market is tough and it's great if a tenant wants to stay!) otherwise I would stand firm on the lease.

On that note, ensure your PM provides notice to vacate and then start advertising well before the lease end date itself. I would recommend using a 'highlight listing' as a minimum and advertising 30 days out and also be prepared to pay to boost the highlight listing as it only lasts 30 days. Ensure your PM conducts private inspections and tracks potential tenants using proper software to make sure they are followed up both before and after inspections to confirm attendance and gain feedback. These steps are critical. It's a tough market for units in Brisbane at the moment but with the right timing and letting plan it can be well managed and vacancy minimised.

All the best with it!

 

Thanks Xenia & MPP, appreciate the feedback and thoughts.