Following recent rental regulation reforms implemented last month, selecting the right property management agency is now a critical concern for both landlords and tenants. The Stage 2 Rental Law Reforms, passed on 6 June, mark significant changes under the new Residential Tenancies and Rooming Accommodation and Other Legislation Amendment Act 2024. These reforms aim to enhance tenant rental conditions while safeguarding landlords’ rights. Among the key changes identified by Your Property Team’s property management team are:
- Prohibition of Rent Bidding: Ensuring rental offers do not exceed the advertised price.
- Limits on Collecting Rent in Advance: Landlords can collect up to a month’s rent for fixed tenancies and two weeks’ rent for room tenancies.
- Controlled Rent Increases: Restricted to once per year and tied to the property rather than the tenancy, with documentation required for any increase.
Our head of property management at Your Property Team, Grant Drennan, acknowledges the potential impacts on landlords but emphasises minimal disruption with effective tenancy management. Grant advises that accurate rental pricing is crucial to avoid undervaluing properties or leaving them vacant due to overpricing, especially in a dynamic market. The reforms emphasise the importance of tenant selection, ensuring consistency in rent payments. Your Property Team employs rigorous processes to match suitable tenants with properties, prioritising both landlord and tenant satisfaction.
Despite marginal relaxation in vacancy rates on the Gold Coast, demand for rental properties remains robust, maintaining the region’s appeal to investors. Grant underscores the Gold Coast’s favourable investment environment, highlighting strong returns and promising market conditions driven by lifestyle and migration trends.
In essence, while the reforms introduce new challenges, Grant reassures that diligent property management mitigates stress for clients, facilitating fair market practices for both landlords and tenants alike.
If you have any questions or would like to have a chat about how Your Property Team can help you with your investment property, click here to get in touch, we’re ready to help!
Please remember that this post does not provide financial or legal advice. Before making decisions, please speak with your expert financial and legal advisor.
