Long Term Lease

What is a long-term lease?

A long-term lease refers to a rental agreement for a property that extends over an extended period, usually several years. Long-term leases provide stability and security for both tenants and landlords. 

What happens at the end of a long-term lease? 

At the end of a long-term 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 long-term lease? 

If permitted in the lease agreement, 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.