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Rent Increases & Decreases. What You Can Expect
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Rent Increases & Decreases. What You Can Expect
Date Added: September 27, 2011 09:02:41 AM
Author: Lauren Robinson
Category: Real Estate: Investment

During a tenancy there are certain rules and guidelines that govern the amount of rent you should expect to pay. Initially the sum will be agreed upon when the rental agreement is signed along with the frequency of payment. Usually rent is paid weekly or fortnightly, unless other arrangements are negotiated. Generally the rent amount should remain the same for at least 6 months from when the tenancy contract is signed. In some cases though, the agreement may allow for rent increases within the fixed term tenancy agreement, so always check and be sure of what is in your agreement before signing. In any case, in order for the rent to be increased the lessor or agent must give written notice to the tenant of at least two months. If you are dealing with Brisbane property managers, this will generally be advised through a letter. The written documentation will generally state; how much the rent is to increase by and when the tenants need to start paying the new amount. Sometimes when the rent is increased the lessor or agent may ask the tenant to pay more bond, but only if it is at least 11 months since the date of the last bond increase and at least one month’s notice must be given, and the extra bond must be lodged with the RTA using Form 7. In some situations, for example, part of the premises, such as a garage or rumpus room perhaps, are damaged, or a service changes or becomes obsolete, the tenant can ask the lessor or agent for a rent decrease. This can be done through direct consultations with the lessor or property management Brisbane agent. If an agreement cannot be reached in regards the decrease then the tenant can apply to the QCAT Queensland Civil and Administrative Tribunal. The tenant however, must continue to pay the rent stated in the original agreement until the dispute is settled. Any rental disputes are usually settled easily, and there are authorities to ensure that both the tenant and the landlord’s interests are being met. With long term tenancies usually any changes to the rent are made known well in advance of when expected. Through making sure of what is in your contract before signing and knowing what your rights and obligations are, the likelihood of having a dispute about rent increase or decrease are probably unlikely. As with any contract, everything should be clearly outlined, which means you’ll know exactly what to expect. Happy renting! http://www.positionone.com.au
 
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