Hey everyone, i had a brand new property tenanted for $400pw couple of months ago which is well below market rent in the area (median $420-$430pw). I advertised for more than $430pw but after 8 weeks sitting empty i took an offer of $400pw. The market has had an increase in supply and it was near the end of winter. However there are comparables renting between $430pw to $500pw in the area.
It's now on a 12month lease with no provision to up the rent, even though i wanted a 6 mth rent review but agent advised against it which i am not happy about. I was frustrated and wanted a tenant in asap so went with recommendation.
So i have been thinking if i could change agents / agencies since i am not too happy with them over a few things and have a new lease presented to tenants with increased rent and terms? Of course i will have to give them the necessary notice (2 months?) and also risk having tenants vacate. Or am i not allowed to touch the rent regardless?
Or i could just hang out till lease is 2 months from expiring and hike the rent then with or without the current agent.
Thoughts?
It's now on a 12month lease with no provision to up the rent, even though i wanted a 6 mth rent review but agent advised against it which i am not happy about. I was frustrated and wanted a tenant in asap so went with recommendation.
So i have been thinking if i could change agents / agencies since i am not too happy with them over a few things and have a new lease presented to tenants with increased rent and terms? Of course i will have to give them the necessary notice (2 months?) and also risk having tenants vacate. Or am i not allowed to touch the rent regardless?
Or i could just hang out till lease is 2 months from expiring and hike the rent then with or without the current agent.
Thoughts?
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