Kasmira Munro, property manager from A Grade property management, shared some of her thoughts on aspects of the new changes afoot.
A lot of these changes do add an extra layer of security and protection for tenants, which is great, but it is critical to find the right tenants from the start.
Notice Periods
Tenants have to give 28 days notice to end a tenancy, up from the previous 21 days. The amount of notice that landlords have to give to evict a tenant if the landlord, family member or employee wants to move in has also gone up. 63 days, up from 42 days.
Landlords also won’t be able to evict a tenant without a reason, and that reason has to follow specific grounds that are outlined in the new law. More about the reasons here.
When selling a property, this has changed to 90 days from 42 days. (Changes after the 11/02/2021)
Rent bidding
Landlords also can’t list a rental property without a price attached and they can’t hold price auctions/tenders. However, tenants will still be allowed to make an offer above a listed price if they so wish to.
Rent increases
Rent can now only be increased once a year. So it becomes important to start the tenancy at the fair market price.
The property management profession becomes even more important due to the raft of changes. Tenant recruitment/selection becomes vital with background checks. Ongoing management which includes inspections and dealing with any issues swiftly as they arise.
