Rent: increasing the number of tenants and owners who do contract review
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SÃO PAULO - In the last five months of 2008, the renewal of contracts for residential rental in São Paulo state grew 22% against the same period last year, the survey shows Lello Buildings.
The index shows that both tenants and owners are more aware of the formal renewal of the contract after the end of the lease period. Normally the contracts of lease are 30 months in duration, when that period expires, they automatically renew, for an indefinite period, according to the Law of Inquilinato.
It is important to update the base contract
"If the tenant is satisfied with the property, the unit is well kept and the owner receives the rent on days without headache, the trend is the continuity," says the general manager of leasing and sales of Lello, Roseli Hernandes.
She explains that although the extension is automatic, it is important to adjust the basis of contractual agreement with the new situation, including reviewing the amount of rent that can be above or below the average of the market.
"The property may be valued, for example, because of new services opened in the neighborhood or the arrival of a subway station," said Roseli. Furthermore, she warns of the importance of updating the registration information, especially when there is guarantor. "It is important to review the contractual basis, updating the registration information of the parties involved," he says.
Returns increase in February
Despite the recent months showing an increase in the rate of renewal of contracts in February, the number of properties returned in the city increased.
According to research of crece-SP (Regional Council of Real Estate Brokers in the State of São Paulo, 525 returns were made, an increase of 30.82% against the January.
Source: Infomoney
This article was translated by an automatic translation system, and was therefore not reviewed by people.
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