re; rental increases for casual lease - VIC

[hwd007]

re; rental increases - My tenants are on a casual monthly lease.
State is Victoria.

Q1. How often can I request a rent increase each year ?

Q2. Can I set whatever rent price I want ?

It looks like I have to wait 60 days for it to come into effect.

 

[willfong]

1) Every 6 month.
2) Yeah but if they think it's unreasonable (compared to market rate) they can go to a tribunal and challenge it.

And yeah 60 day notice.

 

[wobbycarly]

007,
Not sure of your arrangements, but I found out recently that most landlord insurance won't cover you without a lease in place! I used to like the idea of casual monthly until I found this out and now will always get a lease signed.

Of course, if you have "perfect" tenants you don't need insurance.

 

[Perp]

I found out recently that most landlord insurance won't cover you without a lease in place! I used to like the idea of casual monthly until I found this out and now will always get a lease signed.

You should always have a lease in place, and I suspect you have your terminology a little confused; I think you're drawing the distinction between a fixed-term (defined length, required for some landlord insurance policies) and a periodic tenancy (month-to-month).

 

[hwd007]

You people have me thinking now. Thanks, I will check my landlords insurance policy tomorrow.

 

[hwd007]

1) Every 6 month.
2) Yeah but if they think it's unreasonable (compared to market rate) they can go to a tribunal and challenge it.

And yeah 60 day notice.

I presume that's 6 months from when the increase goes through ? as oppsoed to 6 months from the date when you ask the agent to give the 60 days notice of the pending rent increase.

Thus the next time around, I should ask my agent to increase 60 days before the 6 month period comes up ?

 

[willfong]

As I understand it, effective 6 months from the last increase. eg last increase in January, you can give notice in May for increase in July.

If you are not self managing, shouldn't your agent be advising you on all this?

 

[hwd007]

Ahh ok thanks.