Written by Emma Allen on March 12th, 2020
Changes to NSW Residential Tenancy Laws Start 23 March 2020
by Emma Allen & Nicole Ciantar
New changes to the Residential Tenancies Amendment (Review) Act 2018 [NSW] and the Residential Tenancies Regulation 2019 [NSW] be coming to effect on 23rd March 2020 and as landlords, we need to be aware and ready.
Our recommended Sydney Property Manager Nicole Ciantar at Vogue Real Estate shared the following tips:
- Educate yourself on the changes that will impact your rights as a landlord,
- Attend a free Real Estate Institute NSW session https://www.reinsw.com.au/infonight?fbclid=IwAR3Aa1ojVi833xjrk7EoPcW6AKHGjeSsnmMu-OT3RSguvAXTImeT5R6Nrno,
- Make sure you comply with the new laws, and
- If your current property manager has not informed you of the upcoming changes, get one that is proactive!
Ms Ciantar has summarised the key changes below and the full details can be found at https://www.fairtrading.nsw.gov.au/housing-and-property/renting/new-residential-tenancy-laws?SQ_VARIATION_417317=0
Key Changes include:
- Landlords must ensure that their rental property meets 7 minimum standards to be “fit for habitation”
- New and improved disclosure obligations on landlords and agents as well as new remedies for tenants when these obligations aren’t met
- Landlord must ensure that smoke alarms are in working order
- Making it easier for tenants to install fixtures or make alteration, additions or renovations that are minor
- Mandatory set fees when a tenant breaks their lease will apply to all new fixed-term leases that are 3 years or less
- Limiting rent increases to once every 12 months for periodic (continuing) leases
- New powers for Fair Trading to resolve disputes between tenants and landlords. This includes powers to investigate and issue rectification orders to require landlords to carry out repairs and maintenance, or tenants to fix damage.
Lastly, the changes whether we agree with them or not are ones we have to comply with. Work closely with your property managers to discuss how to minimise impacts if or when these scenarios arise. It makes it even more important to have selected a property manager that is pro-actively helping you get the best results from your investment.
If you have any questions or would like some recommendations please call us on 1300 449 974 or email firstname.lastname@example.org