I've had tenants in my house for 1 yr and they have always paid the rent on time and generally looking after the place. The weekly rent I'm getting is high for country NSW- Im receiving more than my friend who has a similar 3 b/r house in KPoint brisbane inner city.
The PM just informed me that they want another 6 month lease.
On my other I.P's (in the past 10 yrs) in the above situation, I always let the expired lease run into a continuation. Thus in NSW I then have to give 3 months notice to them to vacate and they have to give a month to me
I want the tenant to stay long term and thus want to get them on a continuation lease. I realise if I do it this way they could move out earlier than the 6 months but I'm not worried as there is a chronic shortage of rentals where my house is and thus no problem to find new tenants.
Question is: Do you let your leases run on a continuation basis upon expiry or do you always get your tenants to sign a new lease?
A side note is that letting it run to continuation does not affect my CBA insurance policy. I confirmed this with them recently.
Many thanks for your opinion
The PM just informed me that they want another 6 month lease.
On my other I.P's (in the past 10 yrs) in the above situation, I always let the expired lease run into a continuation. Thus in NSW I then have to give 3 months notice to them to vacate and they have to give a month to me
I want the tenant to stay long term and thus want to get them on a continuation lease. I realise if I do it this way they could move out earlier than the 6 months but I'm not worried as there is a chronic shortage of rentals where my house is and thus no problem to find new tenants.
Question is: Do you let your leases run on a continuation basis upon expiry or do you always get your tenants to sign a new lease?
A side note is that letting it run to continuation does not affect my CBA insurance policy. I confirmed this with them recently.
Many thanks for your opinion