Renting a property in Sydney can be expensive and it's always better to be informed before you make the commitment. From limits on how much rent you can charge, to your rights as a tenant - there is plenty of information out there. However, some advice given by property managers and professionals may not be entirely accurate or reliable - so read on and discover some facts and myths about renting in Sydney:

1. You can charge whatever you like when renting out your property in Sydney.

People who wish to rent a property in Sydney are often told that they can charge whatever rent they like for the property - however, this is not entirely true.

While it is true that rent can vary from property to property, there are limits on how much rent you can charge. In the Sydney metropolitan area the NSW Fair Trading has set a recommended rental guide for private rentals in NSW. This guide shows how much a landlord may reasonably expect to receive each week and also outlines the factors that affect this pricing.

Just because a property in Sydney is classified as an 'investment' does not mean that a landlord can charge any amount of rent they want - so if you wish to charge more than what's listed in the Fair Trading's recommended rental guide, consult your agent or property manager before making your decision. In addition, check out whether or not there are limits within your contract about how much rent you can charge.

2. There are no restrictions on who may occupy a rental property in Sydney

There are certain rules regarding who may and may not reside at a rental property in Sydney - including specific limits on the number of adults and children allowed to stay. These rules will differ from property to property and tenancy agreement to tenancy agreement - however, it is important that you read the conditions of each closely before you sign on the dotted line.

3. You can't get out of a contract once it's signed

A common myth about renting in Sydney is that once a rental contract has been signed, there is no backing out - but this isn't entirely true. It is possible for people who have signed a rental contract in NSW to back out under very specific circumstances when they haven't yet moved into the property or if they are made aware of problems with their property during their occupancy. In either case, it is best to consult your solicitor before attempting to pull out of a contract in order to avoid any unnecessary legal hassles.

3. Landlords must wait until a tenant moves out before they can sell or re-let the property

In Sydney, landlords are able to sell or re-let their properties as soon as tenants move out - provided that there is no clause in the tenancy agreement that states otherwise. However, it is important that you notify your tenants about any changes to arrangements so that they know what to expect and can plan accordingly if they wish to remain living at their property. It also means that your rental property in Sydney will be ready for new tenants sooner rather than later which may help with finding interested renters more quickly. Also note that if you fail to give adequate notice of these changes, you could be liable for extra payment to your tenants. 4. You can't make a tenant move out

In Sydney, landlords are able legally to make a tenant move out of the property if they have breached their contract. Whether or not a landlord can make a tenant leave is entirely dependent upon what has been written in the tenancy agreement and whether the breach was minor or major. If there is no clause that allows for termination of the tenancy because of non-payment or damage caused by the tenant, then it may be an illegal eviction. In these circumstances, you could be liable for fines and even jail time plus any outstanding money owed by your tenant - so if you're thinking about evicting a tenant from your rental property in Sydney, always consult with your agent first before taking matters into your own hands.

There's a bit of a myth going around that Sydney real estate agents are somehow 'dodgy' or unethical. While we can't speak for all real estate agents in Sydney, we do know that most will go to great lengths to ensure they're trustworthy and ethical in their business practices - so if you're ever unsure about an agent's integrity, feel free to ask for references from previous clients who your agent has successfully worked with before.

It is possible for you to negotiate the price of a lease on a Sydney rental property, but it depends on whether or not your offer has been accepted. If you're thinking of negotiating before you sign on the dotted line, make sure that both you and the landlord are in agreement about the terms of your contract before presenting them with alternative options.

In Sydney, the usual duration of a tenancy agreement is from six to twelve months. This can be extended depending on your property and if both parties are agreeable to extending the contract. However, you must note that it is illegal for a landlord or agent to ask a tenant to sign an open-ended lease as they cannot be made to stay beyond the initial period.

The process of approving a rental application for Sydney is generally very quick. It usually takes less than two days (48 hours) although in some cases such as when you're dealing with peak periods like the end of the financial year or when there are multiple tenants looking to sign on at the same time, it can last up to four days. Sometimes you may also need to provide extra references and meet any other conditions that were set out in your tenancy agreement so it's best to be patient and await a response from your real estate agent.

In most cases, if you want to move out of the property before your lease contract is complete, you will have to inform your landlord and negotiate with them a suitable arrangement. However, if you have broken the tenancy agreement in any way, then it is up to your landlord to decide whether or not they will allow you to leave early.

If there is no clause that allows for termination of the tenancy because of non-payment or damage caused by the tenant in your contract, then it may be an illegal eviction and you could be liable for fines and even jail time plus any outstanding money owed by your tenant - so before evicting a tenant from your rental property in Sydney, always consult with your agent first. In most cases though, tenants are required to provide two weeks' notice when ending their tenancy contract. If any special conditions were set out in your tenancy agreement then it may be more or less notice that your tenant is required to give.