What Are Your Rights As A Landlord?By Administration Team | 02-10-18
Have you recently purchased an investment property? Congratulations! Now it’s time to find the perfect tenants! But, what are your rights in selecting and managing tenants as a landlord?
We’ve broken it down for you:
In Victoria, you have the right to choose any tenant that you consider most suitable for your property. As a landlord you can consider previous rental history, ability to pay rent, care of the property and the desired length of lease when choosing a tenant. You cannot, however, discriminate against any applicants. Under the Equal Opportunity Act you must not discriminate against anyone based on their race, gender, religion, age, marital status, sexuality and so on.
When a new tenant is selected for a property, they must pay a security deposit at the beginning of their tenancy, known as a bond. In the state of Victoria, laws regulate rental bonds dependant on the amount of rent a tenant pays weekly. Generally, most bonds are equivalent to one months calendar rent. This is held in trust with the Residential Tenancies Bond Authority.
Any rent increase must be stated in the rental agreement. In Victoria, there must be at least six months between each rent increase. You are allowed to put rent up if the fixed lease term is over and the tenants wish to continue living in your property – as long as you provide them with a notification of the increase by giving them 60 days written notice.
ENDING A TENANCY
If you want to end a tenancy agreement there are very specific notices depending on the reason why you want the tenant to leave. Reasons such as selling the property or having the owner/family occupy the property requires 60 days notice. Speak to your property manager for more details on ending a tenancy.
As a landlord it is imperative you have landlord insurance. Landlord insurance is useful in cases where your tenant or their guests hurt themselves on your property and make a claim against you. It is also useful if your tenant vandalises your property or if they leave without paying rent. Landlord insurance can also cover you for accidents, unlisted tenancies and natural occurrences.
Need help managing your investment property? Contact Peake! Peake Real Estate are award winning property managers who can help you with all the responsibilities that come with managing an investment property.