Real Estate Institute of New South Wales [REINSW]’s Post

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Real Estate Institute of New South Wales [REINSW]

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2mo

💡 Are you aware of the changes to rent increases as of 31 October 2024? Limiting rent increases are now in force. Learn how it may affect you. For more information, visit https://bit.ly/4j3CBuk Tim McKibbin Nicole Unger #propertymanagement #residentialtenanciesact #rentalreforms

Transcript

Now Nicole, there's been some changes with rent increases, how often we can we can amend the rents that you wanna talk to us through that please? Yes. So these changes are already in place. They've been in place since the 31st of October 2024, where landlords can only increase rent once every 12 month period and must not increase it within the 1st 12 months of the tenancy. So this applies to all leases, whether they're fixed term agreements or periodic agreements. We have updated our notice of rent increase on REI forms live so that it is compliant with these changes. The only thing I'd mention is that there are excluded agreements and they are fixed term leases of less than two years that were entered into before the 31st of October. They are allowed to increase rent more than one increase in 12 months in a 12 month period, provided that that is built into the agreement and the amount or method of calculation is specified. So no written notice is required if it's if the date of the. Increase the start date is in the agreement, but of course once the term expires then the 12 month rule for new and renewed agreements will apply. One more thing, they are treated so when when renewing or switching between different types of leases for the purpose of rent increases. You know, switching between different types of leases is treated as the same tenancy agreement. If you have the same landlord, at least one tenant is the same and the tenant remains in the property. So landlords must wait 12 months from the last increase before they increase again.

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