renters relief - new laws - tenant

What the Renters’ Relief Package Means for Property Owners

Through a Queensland Government initiative ‘Homes for Queenslanders’, a $160m Renters Relief Package spread over five years means additional funding for housing services and greater renter assistance. This helps those in need of financial aid, but does it help more affordable rented properties come onto the market? 

The Rent Relief Package contains: 

  • Rent relief through a financial aid support package
  • Portable bond scheme – allowing tenants to transfer their bonds when relocating from one rental property to another
  • Rental sector Code of Conduct
  • A new framework for parties to agree on installing modifications in rental properties
  • Prohibiting ‘rent bidding’: the acceptance of rental offers higher than the listed price
  • Attaching once 12-monthly rent increase limits to the property, not the tenancy. 

Seek the Real Repurcussions from Property Managers

Property owners may be worried that the changes could allow tenants to make modifications to the property without consent, but both must agree. Relying on your property manager to inform you of the ramifications of these new laws is important to allay concerns. 

Current Real Estate property managers have this advisory experience, from dealing with many different changes to the regulations over the years. Remember the change in smoke alarms laws? It’s the property manager’s job to make sure all landlords are aware of relevant regulations and the tenants’ rights. 

REIQ CEO Antonia Mercorella noted that economic pressure on rental housing is coming from a lack of new social housing and private rental supply, which would not be helped by these latest Government reforms or those that went before it. However, this package is at least something that can be done for new renters who are trying to enter a constantly rising and low vacancy rental market. 

A new rental sector Code of Conduct will help to crack down on unprofessional practices and ensure better protections for renters. 

“It’s good that there are better protections for renters, and at the same time we need to keep landlords in the loop of these new laws and help them maintain their property”,  says James Brown of Current Real Estate. 

 

Photo by Jordan Bauer on Unsplash