In April 2019 we saw the introduction of a Long Term Lease (five years or more) being introduced into the Residential Industry meaning Owners and Renters alike can agree to a longer term tenancy with clear guidelines.
We anticipate that the roll out of Long Term Leases will be slow, with most owners opting to test the waters of a new tenancy with a 12 month lease initially. This allows both owner and tenant to become accustom to one-another before heading into a longer contract at the time of lease renewal.
Recently a second reform was rolled out. The Owner or agent must not increase the rent more than once in any 12 month period for all leases commencing on or after 19 June, 2019. Previous laws allowed for the rent to be increased and reviewed every six months (still applicable those which commenced prior to 19 June, 2019).
This change has been implemented effective immediately within the industry.
As further laws are implemented under the “progressive roll-out” we will post them up for your legal knowledge.
Make sure you follow the socials also so you don’t miss a thing.
Talk soon,
From our Rental Entity.