Lease Term

What is a lease term? 

The lease term refers to the duration or length of time for which a lease agreement is valid. It specifies how long the tenant has the right to occupy and use the property leased from the landlord. 

What’s the difference between a fixed term and periodic lease? 

In a fixed-term lease, the tenancy agreement specifies a set period during which the tenant is obligated to rent the property, typically for a certain number of months or years. Once this period ends, the lease may be renewed or terminated. 

A periodic lease is a rental agreement that continues after the initial fixed term ends, typically on a month-to-month basis. This type of lease offers flexibility as it allows either the tenant or the landlord to terminate the agreement with proper notice. 

What is the minimum lease term? 

In many states such as NSW, the minimum lease term for a residential tenancy agreement is usually 6 months. However, under certain circumstances, 3 month leases are possible.