As a landlord, you have the
right to set the weekly rent on your property,
and the market will determine if anyone is willing to pay that price.
If you decide the current
rent your tenants are paying is too low - say, for example, the median weekly
rent in that area has increased or the property has increased in value - then
you are able to increase the rent. You just won’t be able to do it straight
away, and there are rules and regulations you need to abide by.
For one thing, there are
limits as to how often a landlord can increase a property's rent, and every
state except New South Wales stipulates a minimum waiting period before raising
the price.
All states bar the Northern Territory also
require you give the tenants at least 60 days notice, to give them time to
either review the rent increase or find another property to live in.
Often you’ll find that
rents can’t be increased unless this has been added to the tenancy agreement
prior to the tenants signing. There are links to each state’s tenancy laws at
the bottom of this page so you can have a look.
If you do decide to
raise your rent, you should send your tenants written notice that:
- identifies
the new rental amount in clear, unambiguous terms, and
- clearly
identify the date from which the new rent comes into effect
State |
Rental increase limit |
Notice required |
NSW |
No limit |
60
days |
VIC |
Once every six months |
60 days/two months |
QLD |
Once every six months |
60 days/two months |
WA |
Once every six months |
60 days/months |
SA |
Once every 12 months |
60 days/eight weeks |
ACT |
Once every 12 months |
60 days/eight weeks |
TAS |
Once every 12 months |
60 days/eight weeks |
NT |
Once every six months |
30 days |
Don’t forget to advise us if your rent
has been increased or decreased, contact jason@realrenta.com
Not yet a RealRenta Landlord? Start
now and save 50% off the normal subscription costs: https://mailchi.mp/realrenta/50-deal-2020
Jason Gwerder
Thursday, 16 April 2020