By Anthony Webb
Last week, we held a forum for our clients to unpack and clarify how the recent amendments to the Residential Tenancies Act will impact residential rental providers. The event took place at the Karralyka Centre in Ringwood, with nearly 500 of our clients in attendance, all of whom were eager to learn more about how these changes will affect them.
A common concern among our clients since the introduction of the new rental laws is the lack of guidance and resources from the government regarding the changes, which has left residential rental providers feeling unsupported and overwhelmed. This forum was a great opportunity to touch base with our valued clients, break down the changes to the rental reforms in detail and address some of the most frequently asked questions.
Interestingly, we are already seeing the stress of these RTA changes impact the market, with more and more residential rental providers selling their properties. This stress is understandable – for residential rental providers, their rent is likely going backwards, they’re facing longer vacancy periods and now, they are having to outlay more money due to these new reforms. Ultimately, this will reduce the number of properties on the market, and the government will realise, too late, that adequately supporting residential rental providers is essential to making renting possible.
But despite these trying times, we encourage residential rental providers to look further ahead. Once borders open up to international students and confidence returns to the market, the rental market will return to even greater heights.