How to Rent Your Property in a Tight Market

With low vacancy rates and high demand for rentals across Queensland, it’s important for Landlords and Property Managers to review their rights and responsibilities through each step of the rental journey. 

Advertising

The Residential Tenancies Authority (RTA) advises rental properties must be advertised for a fixed price. Not listing a price, or advertising a property with a rent range, is illegal. Rental applicants can offer more than the asking price, but Landlords/Property Managers must not proactively tell applicants to offer over the advertised rental price or encourage them to outbid each other.

Before a new tenancy

The RTA recommends prospective tenants inspect the property in-person before signing the tenancy agreement. If the prospective tenant can’t make it in person, organising a virtual video inspection with the Landlord/Property Manager is a good alternative.

Once a tenancy agreement is signed, it’s important for both the parties to complete an Entry condition report. This records the condition of the property at the start of the tenancy and is an important part of the bond refund process at the end of the tenancy.

Renewing a tenancy

At the end of a fixed term tenancy, there are three ways to continue the tenancy: no new agreement, no changes to the current agreement or having changes to the agreement.  

At the end of a fixed term tenancy, the Landlord/Property Manager and tenant can agree to a rent increase. It must have been at least six months since the last rent increase.

Ending a tenancy

Tenants are responsible for leaving the premises in the same condition it was in at the start of the tenancy, less fair wear and tear. The tenant is not responsible for pre-existing damages. 

At the end of the tenancy, the Landlord/Property Manager and the tenant should complete an Exit condition report. This can be compared to the Entry condition report, to determine if the condition of the property has changed. It’s also a good idea to take photos of the property as further evidence.

Where possible, the RTA recommends the tenant/resident and the property manager/owner complete the exit condition report together so that any issues can be addressed quickly.

For your free investment property health check, please contact 07 3123 7373 or lauren@rentalresults.com.au