I’m reviewing the rent on a Melbourne duplex. Comparable asking rents appear to be around A$4,806, while the current tenant pays about A$3,841. They pay reliably, look after the property and have a good maintenance history, so I’m reluctant to chase the full apparent market figure if it creates avoidable turnover, vacancy or refurbishment costs.
I’m leaning towards a modest increase, but would appreciate a second opinion on how to set it fairly. How would you weigh verified comparable rents against the value of retaining a dependable tenant? I’d also be interested in how Melbourne landlords approach the required notice, likely vacancy time and deposit handling if the tenant decides to leave. I will confirm the current Victorian rules before acting; I’m mainly looking for a practical framework and wording that preserves the relationship.
I’m leaning towards a modest increase, but would appreciate a second opinion on how to set it fairly. How would you weigh verified comparable rents against the value of retaining a dependable tenant? I’d also be interested in how Melbourne landlords approach the required notice, likely vacancy time and deposit handling if the tenant decides to leave. I will confirm the current Victorian rules before acting; I’m mainly looking for a practical framework and wording that preserves the relationship.