Leasing your property FAQs
A quick guide for what you need to know about leasing your property.
How much notice do I have to give a tenant to move out?
In NSW, the minimum period of notice you can give a tenant to vacate is: • 14 days – if the tenant is 14 days or more behind with the rent or has committed some other breach of the tenancy agreement; • 30 days – if the fixed term of the agreement is due to end; • 30 days – if the premises have been sold after the fixed term has ended and vacant possession is required by the buyer under the terms of the sale contract; • 90 days – if the fixed term period has expired and no new agreement has been signed.
How much does it cost to have my property managed?
The main costs to have your property professionally managed are: • Letting fee – for finding a new tenant. This is equal to a minimum of one week’s rent. • Advertising – signboard and internet. From $220.00. • Management fee – for collecting the rent and managing the property. This is typically around 6% of the rents collected. • Miscellaneous fees – including admin costs, postage, bank charges, and other costs associated with the day to day management. This amount can vary but usually ranges from $5.50 to $15.00 per month. • End of Financial Year Summary - $27.50
Can I increase the rent in the middle of a lease period?
Unless you have included a special condition in the lease to allow for a mid term rent increase, the rental rate set on the front page of the lease will run for the entire term. You can however give the tenant the prescribed notice to increase prior to the lease expiring so the increase takes effect immediately upon expiry of the lease.
How much notice do I need to give to increase the rent?
In NSW, a minimum of 60 days notice is required to increase the rent. The rent cannot be increased during a fixed term lease.
What do I do when my tenant is in arrears?
If your tenant is a few days late, it’s good practice to call or send them a reminder letter of the overdue payment. Once the tenant falls 15 days behind, you can serve them with a termination notice (allowing 4 days for postage if mailed), giving them 14 days to vacate the property. The notice must: • be in writing • be signed and dated by you or your agent • be properly addressed to the tenant • give the day on or by which the tenant is requested to vacate • state that the grounds or reason for giving the notice is because the tenant is more than 14 days behind with the rent • include a statement informing the tenant that they do not have to vacate if the tenant pays all the rent owing or enters into, and fully complies with, a repayment plan agreed with the landlord.