If you could sign a rental lease for a decade, would you? And – more importantly – should you?
These questions are being asked by Victoria’s State Government via a rental industry proposal currently on the table.
The proposal is investigating whether landlords should be allowed to offer tenants five-to-10-year leases.
In Australia, 12-month residential tenancies are the norm.
But in other parts of the world, particularly European cities, longer-term leases of five or more years are commonplace.
Proponents of longer lease periods think they will create greater security for tenants and for landlords.
©2015 Caroline James for the RealEstate.com.au blog.