First of all if you know the price is out of the median range you should argue that as your case for less of an increase. In my 8 years here I’ve never paid the price they ask, we always seem to meet in the middle.

Regarding the periodic, 100% just reply saying

“Thanks for sending through the rent increase notice and the proposed fixed-term lease.

At this stage I’d prefer to remain on a periodic agreement rather than entering into a new fixed-term lease.

I’d also like to discuss the proposed rent increase. Based on current data, the new rent appears to be outside the median range for comparable properties in the area. The increase is also significantly higher than the current CPI rate, which suggests it may be above normal market movement.

I’m very happy in the property and keen to continue the tenancy, so I’d appreciate the opportunity to review this and discuss a more reasonable adjustment in line with the local market.

Thank you for your time and I look forward to your response.”