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:
the lease is for 12 months, and
there will be a rent increase 6 months into that lease?
Any reference to pertinent web sites would also be of use.
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.
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.