Today Mr Moi and I signed our lives away (well, the next 12 months of our lives). We finalised the lease on our new apartment, and to our surprise, clause number 53 of the lease stated that the rent may be raised to market rate no sooner than six months from the commencement of the agreement.
Now, isn’t that strange? Here we have signed a 52 week lease, thinking we are being clever locking in our rent (the NT’s rental market is totally nuts and More Expensive Than Sydney). Only to be told that the legislation here allows the landlords to increase the rent whenever they want after you’ve lived there for six months. Why oh what, may I ask, is the point of a 12-month lease?
Of course, if we can’t afford the rent hike (because, like, even if Mr Moi is lucky enough to get a pay-rise, it will only happen once per year), we have to pay rent until the apartment is re-leased, and we have to pay all the costs associated with finding a new tennant.
They really DO do things differently in the Territory.