Long leases for landlords
Why we’ve introduced long leases.
Short lease terms can create problems. A high turnover of tenants means that the property is more likely to experience periods of vacancy, with all the associated costs of advertising and qualifying and approving new tenants each time. Tenants moving their possessions in and out of the property also means more wear and tear – before you know it, you’re repainting again.
Canberra consistently has one of the tightest rental markets in the country, making life hard for tenants who are forced to move unexpectedly.
Long leases can be a win-win for both tenants and landlords who are provided with both financial security and peace of mind.
What is a long lease?
The Independent Long lease scheme is the first of its kind in Canberra and features:
• An initial one-year lease with an option to renew for two, three or four years after that first year
• An agreed-upon annual rent increase, either a percentage increase or a CPI increase
• A managed maintenance fund for proactive preventative repair and upkeep as well as reactive maintenance
• Reduced rental inspections from two down to one per year if both parties agree.
Independent’s long-term leases provide both property owners and tenants with the opportunity to secure financial and housing stability for terms of up to 5 years.
Advantages to undertaking a long lease:
• Financial security with pre-determined rental rate increases
• Receive consistent rental income due to no vacancy period.
• Save on costs with no annual letting, marketing and advertising fees.
• Less wear and tear on your property with suitable long-term tenants.
For more information about the Long Lease Scheme, please get in touch.
Phone: 02 6209 1555