Rent Increase:
You are bound by the terms of the existing tenancy agreement.
If the rent was increased within the last year, you must wait until a year from that date before proposing another increase. Additionally, a standard notice period of 60 days must be provided to the tenant before the new rent takes effect.
Learn more - Everything you need to know about rent increases
Bond Increase:
Any adjustment to the bond can only occur in relation to a rent increase. It's important to note that the bond can only be increased proportionally to the rent increase and cannot exceed the original bond amount agreed upon in the tenancy agreement. For example, if the bond was initially set at three weeks' rent, you can't top it up to be to four weeks. If you increase the rent by $20, the bond can be topped up by an amount equivalent to the weekly increase, but not beyond the original bond cap.
Learn more: Buying a property with tenants? What you should know
The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice you should seek independent legal counsel. myRent.co.nz does not accept any liability that may arise from the use of this information.
