(Supplied by the REIWA Institute of WA)
Say goodbye to the 30-day delay for rent increases
Rent increases can be applied immediately when fixed-term leases are renewed or extended, once the new legislation regarding rent increases comes into effect on 29 July.
The current requirement to wait 30 days before the increase can take effect has been removed from the Act.
However, you must give 60 days’ notice of the increase.
The above applies for lease renewals or extensions where one or more of the tenants remain the same.
There will still have to be 12 months since the last rent increase.
For example, if you are coming up to a lease renewal, but the rent was increased six months ago at a six-month rent review, you will not be able to increase the rent at the time the lease is renewed. You can increase it six months into the lease. This increase will have to be written into the lease.
For more information about applying the 12 month rent increases read our story here or download our flowcharts here. You can also call REIWA’s Information Service on 9380 8200.
So, the morale of the story is 60 days before the lease is coming up you give them notification that they are having a rental increase. Landlords just be aware that if you have really good tenants you might want to consider a small increase or no increase depending on where they are currently paying. Better to have them staying on rather than you losing a few weeks in getting a new tenant plus paying 2 weeks to the real estate company. Sense has to prevail.
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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