“Will my fixed-term lease automatically renew on a month-to-month basis if I don’t renew my lease contract before it expires? If so, how much notice should I give my property manager that I’d like to stay on a fixed-term?” Tenant, NSW
We asked MMJ Real Estate Dapto Property Manager Laura McDiarmid for her advice.
“Once your fixed term lease agreement ends, your agreement changes to what’s known as a periodic agreement,” Laura explained.
“Both parties are still bound by the terms of the fixed term agreement, however, some things do change.”
For example, the notice periods that are given by the landlord and the tenant vary slightly.
“Essentially the agreement is the same with no end date to it,” Laura said.
“Most agencies should be proactive in contacting you, however, you should be in contact with your managing agent at some stage in the last month of the fixed term agreement and inform them of your intentions.”
“This gives them plenty of time to seek instructions from the owner and have a new lease ready to go should both parties decide a new lease is the best move.”
Laura said there is a mutual benefit for both the landlord and the tenant to have a fixed term lease.
“Be proactive in asking for a new agreement as it shows your willingness to continue to live in the property,” she concluded.
This article orginally appeared https://www.rent.com.au/blog/fixed-lease-renew