Increasing rent during property transfer

[ml320]

Hi There guys,

I've recently put an offer on our 2nd IP, which was accepted. property is located in QLD. because the process is slightly different in QLD then what it is in NSW & ACT. I would lke to know the following.

There is a tenant currently residing in the property and her lease has expired in January 2008 it is not month by month arrangement. The current tenat is paying $220 rent p/w which is under value. I am looking at increasing the rent to $245 and would like to know how to go about this as legally the property isn't ours.

Do we have to wait until the settlement occurs and then give the current tenant 1 month notice or is it 2 months notice in QLD. Secondly, can we ask / request that the current PM informs the current tenant that rent will increase soon and that they have 1 month notice from say NOW.

Your help will be appreciated.

Cheers
LK

 

[wylie]

Unless there is a new lease in place, if it expired in January, then it will be now a month by month, in which case tenants require two months' notice of an increase.

I would think you have no say in anything until you own the place, but give the Residential Tenancies Association a call as they will answer all your questions, and are really very helpful.

 

[ml320]

Thanks wylie

Will do - but suspect that you are right with the two months period

Cheers
LK

 

[steveadl]

The following is only guess work, but if you plan on using the same PM - she may be able to give notice now since they are on a periodic lease. If you wanted them off this and onto a new lease, you would have to wait for the property to be in your name to sign the agreement etc.

If you are going to change PM's then I doubt she'll be overly helpful anyway.

I've increased rents immediately on my last two IP's - but that was only upon settlement as I always use my own PM. Give them 60 days notice day after settlement.

 

[aaarghhh]

Hello

RTA qld has some good info on tenancies and a list of the median rents as well.

Aaron