Hi all, would appreciate a little input:
After 8yrs of getting a new tenant every year in Jan for a 12 month period - PM informed me (Jan 8) the current tenant has decided to stay on for another 6 more months at $5/wk increase in rent. Prior to the end of tenancy (early Nov) I always instruct PM to "please renew the lease at recommended market rate or find new tenant if not".
I am not keen on this 6mth renewal because the property will need to be leased in mid winter and its on the Sunshine Coast (QLD), im worried it may take ages to find tenant (never had more than 2 days vacancy for cleaning between tenancies in Jan).. so I told the PM that I would have prefered 12 months or new tenant. She emailed tonight (after a week) to advise me that she has spoken to the tenant and if tenant doesnt want 12 mth lease (PM is waiting for reply), we need to give 2mth notice for them to vacate anyway.
So... Am i at fault for not specifically asking for a 12mth period? Usually i am involved in basic decision making ie approving tenant. With the rental increase the tenant must sign a new agreement should I reasonably expect to be asked if I am happy with a 6mth lease and $5/wk increase? Certainly in the past, I have expected this minimal level of involvement.
Thanks, nat
After 8yrs of getting a new tenant every year in Jan for a 12 month period - PM informed me (Jan 8) the current tenant has decided to stay on for another 6 more months at $5/wk increase in rent. Prior to the end of tenancy (early Nov) I always instruct PM to "please renew the lease at recommended market rate or find new tenant if not".
I am not keen on this 6mth renewal because the property will need to be leased in mid winter and its on the Sunshine Coast (QLD), im worried it may take ages to find tenant (never had more than 2 days vacancy for cleaning between tenancies in Jan).. so I told the PM that I would have prefered 12 months or new tenant. She emailed tonight (after a week) to advise me that she has spoken to the tenant and if tenant doesnt want 12 mth lease (PM is waiting for reply), we need to give 2mth notice for them to vacate anyway.
So... Am i at fault for not specifically asking for a 12mth period? Usually i am involved in basic decision making ie approving tenant. With the rental increase the tenant must sign a new agreement should I reasonably expect to be asked if I am happy with a 6mth lease and $5/wk increase? Certainly in the past, I have expected this minimal level of involvement.
Thanks, nat