My tenant is leaving after 6 months in my rental property. I have secured new tenants, can I increase the rent by 4% for the new tenancy?
As per the information provided, this is a new tenancy and we understand that the rent can be varied. However, you must use the Rent Pressure Zone formula in calculating the new rent and the new rent cannot be more than market rate.
The new rent will be dependent on when the rent was last set. If the old rent was set at the commencement of the last tenancy (6 months ago) then the new rent increase is likely to be in the region of 2%.
We suggest that you refer to the RTB Calculator when doing your calculation – RTB Calculator