As so many of our landlords, along with numerous investors who are keen to become landlords soon, will know, the State Government is planning on making changes to the regulations that govern residential tenancies in Victoria.
These proposed changes have raised concerns from all sectors of the rental market, both for possible changes that could be introduced, and for the lack of clarity on exactly what those changes will be.
At this stage, the Government is still addressing submissions from various stakeholders. We believe that the finalised regulations are expected to be published in April 2020 and will come into effect on July 1st this year.
The regulations have not been finalised. However, we have been advised that some of the potential changes include:
- Change of terms for landlord & tenant – to be known as rental providers & renters
- Minimum standards for rental properties
- Efficiency rating systems for appliances, fixtures & fittings
- Safety devices such as smoke alarms, carbon monoxide alarms & pool fencing
- Scheduled gas & electrical safety checks
- Minimum standards for locks on windows & doors
- Increasing the prescribed amount for urgent repairs from $1800 to $2500
- Addressing the landlord’s rights regarding the tenant’s ability to keep a pet
- Compensation for tenants for sales-related property inspections
- Modifications that tenants can make to a rental property
One thing that has become very clear in the lead-up to these changes is that the role of your Property Manager is about to become more challenging, more time consuming, and more specialised. The days of the smaller real estate agent’s receptionist doubling as a rental manager are well and truly gone.
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If you have any specific questions regarding these proposed changes, or any other question on the rental market, please don’t hesitate to give our highly experienced team of rental specialists a call on (03) 9874 3355.
Watch the video below for more information…