Tenant wants periodic lease

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flash
Member
@flash
Join Date: 2003
Post Count: 140
September 27, 2004 - 9:19 am
Hi there,
The real estate phoned me today and said the tenant wants a periodic lease.
As they want this setup should I tell the real estate to raise the rent or should I keep it the same?
Currently paying $220.
Thanks.
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Monopoly
Member
@monopoly
Join Date: 2004
Post Count: 1,612
September 27, 2004 - 9:25 am
Before making any decision, I’d be asking a couple of questions first…..
Why do they want a periodic lease???
(I am assuming here the tenant is current, and if so…)After how long???
What is the time length of the “period” they are seeking???
Cheers,
Jo
flash
Member
@flash
Join Date: 2003
Post Count: 140
September 27, 2004 - 9:41 am
Hi Jo,
The tenant has been there for 6 months.
The real estate said she wanted it because she was travelling alot to do with her job.
Cheers.
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Monopoly
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@monopoly
Join Date: 2004
Post Count: 1,612
September 27, 2004 - 11:05 am
Hi Flash,
I am “assuming” then that the tenant is wanting to change her lease to a “month-to-month” type of set up in that case???
Having to travel extensively is a real pain, and I can fully appreciate her situation, thus I would tend to be somewhat more empathetic, and as such leave the monetary things as they currently stand.
My main reason for not upsetting the status quo is that she has only been renting the premises for 6 months, and provided payments were always timely, and the property kept in order, I would be reluctant to raise the rent at this point. I think it is only fair (regardless of whether the lease dictates it or not) a 12 month guarantee of no rent rises is always more welcomed by prospective tenants, and I would hope for the same if the shoe were on the other foot.
But it isn’t me wearing the shoe, and it’s not my foot, so the final decision has to lie “solely” with you!!! [lmao]
Cheers,
Jo
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
September 27, 2004 - 11:38 am
I think a period lease is just a continuation of the old one with no fixed term. They can lease with just giving the appropriate notice. Nothin to worry about, most people do this after 6 months.
Terryw
Discover Home Loans
North Sydney
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kay henry
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@kay-henry
Join Date: 2003
Post Count: 2,737
September 27, 2004 - 1:09 pm
flash,
A large amount of tenants are on a periodic lease- it just automatically becomes one when the formal peroid of lease ends. Unless the property is a high demand property, many tenants don’t sign up for a new one. It’s really demand-driven for tenants to sign a new lease. You can’t force a tenant to sign a new lease, although you can request it.
kay henry