When Your Tenant Vacates The Property
Do you know when your tenant’s lease expires or if they are moving out of your investment property?
It is essential for landlords to be aware of the lease end date with each property and be proactive leading up to the end date.
Listed below are a few points to consider:
- Do you and the tenant/s want to sign another lease?
- What length of lease do you want? Remember there are usually increased vacancy periods in winter and over Christmas. Ensure your lease does not end at these times.
- Discuss the option of a rent increase with your property manager. 60 days’ notice is required for any rent increase. A rent increase can also be written into the new lease if it is a long-term tenancy.
- If the tenant is vacating, ensure that your marketing campaign starts immediately and is appealing to prospective tenants to attract interest. Marketing and open homes should occur before the tenant moves out. This will minimise the vacancy period between tenants.
IMPORTANT: This is not advice. Clients should not act solely based on the material contained in this newsletter. Items herein are general comments only and do not constitute or convey advice per se. Every effort is made to ensure the contents are accurate at the time of publication. Clients should seek their own independent professional advice before making any decision or acting. We take no responsibility for any subsequent action that may arise from the use of this newsletter. Published by the PPM GROUP - www.ppmgroup.com.au