Reviewing rents
One of your first jobs when you buy a rental property is to establish how much rent you can reasonably charge – see our section on ‘How much rent can you charge’ in the ‘Affordability and Return’ section for help on establishing rental levels.  But it’s equally important to review your rents regularly – just as any business continually reviews its prices against the market.

Rents can only be reviewed six monthly at minimum.  If you decide to increase the rent, you must give your tenant at least 60 days notice.

Reviewing the rent can be a trade-off – you may feel it’s worth keeping the rent lower to retain a good tenant.  In any case, you should always review the rent when you get a new tenant. 

You’re entitled to charge market rent, but it must be fair. Tenants can appeal to the Tenancy Tribunal if they think the rent is unduly high, and the Tribunal can set the rent if they agree.

You can keep track of market rents for your investment properties using QV Insider (a website that can help you find and manage property investments).

Rent in advance
You can ask for one or two weeks rent in advance.  If the rent is to be paid weekly, you can only ask for one week’s rent in advance.  You should provide a receipt unless the rent is direct credited to your bank account.

This material is for information purposes only. You should seek professional advice related to your individual circumstances. While The National Bank has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, The National Bank does not accept any responsibility or liability arising from your use of this information. Our lending criteria, terms, conditions and fees apply.