My tenant's lease is ending soon, what now?
Did you know: When the lease ends, the tenancy doesn't automatically end?
Yep, that's right.
What does this mean for me?
What this means for you is you need to start thinking about what you and your tenant might like to do at the end of the lease (at least 3 months before it actually ends).
Cubbi is here to guide you and your tenants through whichever process you both decide on so you don't need to worry about the logistics!
As a landlord, your options are:
- Do nothing. If neither you nor your tenant give notice to end the tenancy before the end of the lease it will automatically roll over into a periodic (month-to-month) lease. The only state this doesn't apply to is Tasmania which requires no notice to end the tenancy on the lease end date. In a periodic lease, the same terms apply as the original lease but the tenants only need to provide a short amount of written notice to end the tenancy (varies depending on the state - see below).
- Renew the lease. If you've had a great experience with your tenants and you'd like to keep them on, now's the time to find out if they're interested in renewing the lease for another 6 or 12 months.
If your tenancy is ending within the next 3 months you'll be able to request a lease renewal from your dashboard under the lease tab. Following the steps here.
- Issue a rent increase. To ensure your property is getting the best return and stays aligned with the market it's always a good idea to look into whether you should increase the rent at the end of each fixed term agreement. More info.
- Give notice to vacate. If you decide you want to end the tenancy on or after the lease end date you will need to provide your tenants with written notice in advance. Make sure you let the Cubbi team know so we can guide you through the process and help you make sure everything is done according to the laws in your state.
The amount of notice you are required to give to end the tenancy without grounds (i.e. they haven't breached the lease) varies depending on the state but one thing they all have in common is the vacate date must be on or after the lease end date, not before. More info here.
For information on how your tenants can give notice to end the tenancy at the end of the lease click here.