Lease

What is a lease? 

A lease is a legal agreement between a landlord and a tenant. It allows the tenant to use the landlord's property for a specified period in exchange for rental payment. The lease outlines the rights and responsibilities of both parties during the tenancy, including rent payment terms, maintenance responsibilities, and any other agreed-upon conditions. 

What happens at the end of a lease? 

At the end of a lease, the tenant may have the option to renew the lease for another term if both parties agree. If not, the tenant typically moves out, and the landlord may seek new tenants or even sell their property. 

Can a landlord increase rent during a lease term? 

In most cases, landlords can increase rent. However, in states such as NSW, they must provide a minimum of 60 days written notice to the tenant before the increase takes effect. Additionally, rent can only be increased once in a 12-month period following the minimum 60-day written notice to the tenant.