Independent’s long-term lease program provides 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
- Only one inspection a year after the first year
- No fear of having to move out or the hassle of securing a new rental property
Why we’ve introduced these
Short lease terms can create problems. Canberra consistently has one of the tightest rental markets in the country, making life hard for tenants who are forced to move unexpectedly. Unexpected increases to the price of rent can also make it difficult for tenants to stay put.
Long leases can be a win-win for both tenants and landlords who are provided with both financial security and peace of mind.
What the scheme is
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, ensuring that funds have been set aside so maintenance issues are dealt with quickly
- Reduced rental inspections from two down to one per year if both parties agree.