Hi,
my name is Riki. currently, i am facing a situation where the renter sending email back and forth about the lease.
Initially, the renter is willing to sign lease length of 6 months or month by month, instead of yearly lease
We notified back by indicating ok for 6 months lease.
After a few weeks, the renter requested for month to month lease with same rent price.
The property is in Victoria, Melbourne.
The renter has rent the property for a year. Renter paid rent on time and attracted low-mid cost yearly maintenance.
I would like to set a win-win situation, but i am very confused on how to make deal win win for everyone.
I could ask for rent increase, but unsure what would be the fair rent increase.
Please advice.
Hi Riki,
We hand the same issue with our investment in Brisbane. We offered them a 6 month lease raising the rent $10.00 from the previous lease. They then came back and wanted a 6 month lease with a $5.00 increase. With advise from our property management team and doing our own research we noticed that there are quiet a few apartment rentals in Brisbane so we decided to only raise the rent $5.00 which is what the tenants wanted. They pay their rent on time and are good tenants so we wanted to keep them. I would suggest that you research the amount of rentals that are on the market in the suburb and what those rentals are asking for rent. This will help you decided if what you are asking is reasonable and if it will be difficult for you to find a new tenant at this time.
Good Luck!
Good advice Jamie. I know as a renter in the past, when I have asked for a rental lease on a month to month basis, it was because I was looking to move on. Tread carefully and do what you need to do. If they are insisting on month to month, I'd put the rent up. I'd assume they were looking to move on when they can anyway.
Susan Kilbride