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Periodic or Fixed Term Tenancy?

August 19th, 2014.

Topics: Landlord Advice

It’s important to ensure that you fully understand both the Landlords and Tenants rights before offering a Periodic or Fixed term Tenancy. A Tenancy Agreement is a legally binding contract and failure to understand what you are entering into may see you end up at the Tenancy Tribunal Court.

You need to ask yourself whether your situation may change and if so having a Periodic Tenancy will give you a greater degree of flexibility. For example if there is any chance you may need to sell the property in the short term you may want the ability to sell with vacant possession.

On the flip side having this flexibility may also land you in a position where 2 months into the Tenancy the Tenant give notice to vacate, leaving you with potential vacancy and a disruption to your planned cash flow.
 
 

Choosing which option is right for you depends not only on your personal circumstances but also the location of you property. Properties situated in lower socio-economic areas may be better suited to Periodic Tenancies, this gives you time to assess whether they are good Tenants before committing to being locked in.  Whereas, you find properties situated  in more affluent areas attract Tenants that want longer term security and therefore are reluctant to sign unless they are offered a 12 month Fixed Term.
 
Below is a basic guideline to both types of Tenancies:
 
Periodic
  • Ongoing Tenancy with no fixed term
  • Can be ended at anytime by the Tenant by giving 21 days notice
  • Can be ended at anytime by the Landlord by giving 90 days notice
  • Property can be sold with vacant possession by giving the Tenants 42 days notice at the time of unconditional sale contract
  • Owner can give 42 days’ notice for Tenant to vacate if they, a family member or an employee needs to move into the property
  • Rent can be increased after 180 days
 
Fixed Term
  • Start and expiry date of the Tenancy is established at the beginning, meaning that the Tenancy is for a fixed term
  • Neither party can give notice to terminate earlier than the agreed expiry date.  The only exceptions to this are if all parties mutually agree or if the Tribunal Court orders it
  • If the property is put on the market for sale then it must be sold with the Tenancy in place and with all terms of the original Tenancy Agreement remaining including the expiry date
  • Either party must give notice in writing no earlier than 90 days and no later than 21 days should they wish to end the Tenancy on the expiry date
  • If neither party gives notice in writing within the above time frames then the Tenancy automatically becomes a Periodic Tenancy
  • Rent cannot be increased within the fixed term unless the Tenancy Agreement contains the appropriate clauses to do so
 
If you need any help deciding whether a Fixed Term or Periodic Tenancy is best for your North Shore or Central Auckland rental property then contact us today on (09) 476 3433.

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