All Topics / General Property / when can a landlord increase rent?

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of Glenn1964Glenn1964
    Member
    @glenn1964
    Join Date: 2008
    Post Count: 30

    Hi all,

    This is specifically for a rent increase in Victoria. 

    Being relatively new to property investment, I understand that in Victoria a landlord cannot increase the rent any earlier than 6 month intervals.  However, I have recently advised my property manager to increase the rent on our investment property as of when the current lease period ends.

    Things aren't all that clear as the tenants want to renew the lease for one year – which is great – but the property manager says that the rent must be fixed for that period of time that the lease runs for. I would like to increase the rent after six months into this renewed lease – by an amount I will have to look into.  Having a look in prior lease agreements I have had with the tenants, there are clauses that say what the rent will be at the start and another clause that indicates what the rent will be at a certain period in time into the lease.

    This property manager doesn't fill me with total confidence either!!

    So, can I have the lease set up so that:

    1. the lease is for 12 months, and
    2. there will be a rent increase 6 months into that lease?

    Any reference to pertinent web sites would also be of use.

    Thanks in advance.

    Glenn1964.

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856

    A quickcall to Vcat will solve that one. However in NSW you can have a mid-term increase written into the lease but you will have to give the relevant 60 days notice for it to be effective.

    Profile photo of ummesterummester
    Member
    @ummester
    Join Date: 2008
    Post Count: 510

    The internet is a wonderous place, step through the scenario to find your answer.

    http://interactive.justice.vic.gov.au/discenarios/scenarioView.do?id=116&bid=234&tid=2

    Profile photo of Glenn1964Glenn1964
    Member
    @glenn1964
    Join Date: 2008
    Post Count: 30

    Scott and ummester, thanks very much for your guidance.  Most useful. 

    Profile photo of C2C2
    Participant
    @c2
    Join Date: 2002
    Post Count: 518

    I've previously included rent rises after 3 months in contracts as the first 3 months was considered a honey moon period.

    Profile photo of myponderingmypondering
    Member
    @mypondering
    Join Date: 2008
    Post Count: 2

    In Victoria you are allowed to increase rent every 6 months.  If you are signing a new lease as you have indicated you can definitely build in an increase generally for 6 months after the lease commencement.  Hope this helps. As previously mentioned you can visit the VCAT site being Victoria's fair trading site that will confirm all your landlord rights and obligations.

    Profile photo of Glenn1964Glenn1964
    Member
    @glenn1964
    Join Date: 2008
    Post Count: 30

    Thanks guys.  I've got what I need.

Viewing 7 posts - 1 through 7 (of 7 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.