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InvestAus

Mortage Broker , Sydney Region

March 2020 - New reforms coming up in rental world

4Mo ago 0 Replies 161 Views
Tenants will have greater freedom to break their leases early under sweeping rental regulation changes set to come into effect in March.
The reforms announced by the NSW Office of Fair Trading will give tenants greater control of their homes while putting stricter limits on landlords.
Real Estate Institute of NSW president Leanne Pilkington said the reforms to the Residential Tenancies Amendment Act 2018 and Residential Tenancies Regulation 2019 were “significant”.

Under the changes, landlords will only be able to increase rent once a year during a periodic agreement when the fixed term of a lease has passed.
Tenants will also have the right to break their lease if it is signed after March 23, 2020. Victims of domestic violence will be permitted to break their leases without penalty.

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