Understand the Benefits of Renewing Your Tenant’s Lease

16-Jul-2014

 

Ensuring a continued tenancy is paramount in order for you to budget for regular and ongoing rental income. Not only this, but a tenant on a fixed term lease on an ongoing basis means more income, as the property will not become vacant or suffer additional wear and tear through the tenant vacating and a new tenant moving in.


We understand this and will, with your consent, approach your tenant prior to the lease expiring to invite them to renew the lease.

Prevailing legislation dictates that the option is with the tenant if they would like to sign a new lease.

Should you wish to enter into a new lease with your current tenant, we will use all avenues to ensure that the lease is signed.
We will inform your tenant that by entering into a fixed term lease we can guarantee them security of tenure for that term, where if they remain on a continuing tenancy we cannot give that guarantee.

In some instances the offer of a moderate rent increase as against a higher one is another inducement that can be made to ensure that your tenant signs a lease and you have peace of mind.