rent reviews

Rent Reviews

If you are a serious residential property investor then it is most likely that you will be interested in achieving the maximum yield from each property investment. To do this, one of the key considerations is around rent reviews. Note the Residential Tenancies Act provides for the opportunity to review market rents paid for your property each 180 days (subject to what Tenancy Agreement has been signed with a tenant).

 

What system do you use to review a rent payable for a property? There are several resources available that can help you determine the market rent for a property. To ensure you are accurate in your summation we recommend that you look at market rent statistics available with Tenancy Services together with data from properties that are advertised for rent on various websites and equally importantly market sentiment (what is currently happening with tenants). Pull all of this information together to make a determination and if rent is to be increased issue the 60 day notice of intent to increase rent. Be aware that the initial rent review can occur at the 120 day mark with the 60 day notice of intent to increase rent issued on the same day, this way maximizing the yield opportunity by ensuring the new rent is effective from the 180 day mark.