RENEWING YOUR LEASE AGREEMENT
When your lease is approaching its end, at least 2 months prior, we will begin contact you to find out whether you would like to renew or if you’re vacating at the end of the tenancy.
Thinking About Renewing?
You don’t have to wait for us! If you want to renew, please feel free to call or email as soon as you know. That way we can get it out of the way for you early.
What Happens When You Renew Your Lease?
When we discuss your renewal with you, we must compare your rent with the current rental market to identify whether you’re eligible for a rent increase.
We will also discuss how long you would like to renew for. We don’t believe in the traditional 6 and 12 month lease options are there are actually no rules that specify that you must do a lease for this period.
We will however require that your lease ends in either January/February or June/July. During this period, there are a lot of tenants looking for properties so by renewing your lease early, you can save money as your rent won’ be compared to the same prices that are around during those peak periods.
Remember, security is a key driver for your owner so the longer you renew, the lower the rental rate you can negotiate. Keep in mind, that once the rent amount is agreed upon, it’s locked in and cannot be increased during your tenancy so renewing for as long as possible, won’t only make your owner super happy, but it will also save you money!
If you’re only able to renew for a short period of time (less than 12 months) your owner will expect to be compensated for taking the risk of having a shorter tenancy so be prepared to offer extra towards the rental amount to get your owner to agree.
Thinking of Vacating?
Please be aware that vacating can be very stressful! Studies have even shown that moving house can be almost as stressful as losing a job or a loved one.
Please also remember that moving house costs a fortune! Some of the costs you’re going to incur if you’re moving are:
New Bond for the Next Property – 4 weeks rent
Professional Cleaning – Minimum $500 +
Professional Carpet & Curtain Cleaning – Approximately $100 per room
Pest Control – Minimum $100 +
Removalist or Truck Hire – Anywhere from $200 to $3000
All of these expenses add up to over $2000 along with all of your time spent packing, organising for services to be relocated, living without things like internet in the interim and then unpacking at your new house.
If you’re thinking of vacating but it is due to a rent increase or an appliance you wish you had, please speak to us first! We’re here to help and Excellent Tenants are a huge asset to our owners so we’re more than happy to spend the time discussing and negotiating an outcome that suits you to keep you in your current property so long as it is viable for your owner.
Remember, a $10 rent increase is far cheaper than moving expenses of $2000 + and the time and stress you incur when moving home.
What Happens if You Don’t Renew or Vacate?
If you agreement expires and you’re still living in your property after the lease has expired, you will fall onto what we call a ‘periodic tenancy’. In your lease agreement, there is a clause that states if you do this, you will incur a $50 per week rent increase.
We of course do not want to hit you with such a steep rent increases so please rest assured that this is only in place to protect our owners from ending up with no lease security.
Like we’ve said, it’s much cheaper to renew than it is to vacate or go onto this type of tenancy so please, work with us and we will work with you to keep you in your property.