New tenancy laws - what does it mean for you?
New residential tenancy laws are set to be introduced in NSW from 23 March this year.
The changes to the Residential Tenancies Act 2010 & the new Residential Tenancies Regulation 2019 aim to improve tenants’ renting experience, while also ensuring landlords and agencies like ours can effectively manage their properties.
With more than 30 per cent of the NSW population now renting, including a large number in Mudgee, the changes are timely, as demand for quality rental properties continues to grow.
What are the key changes?
- Landlords must ensure their rental property meets seven minimum standards to be “fit for habitation”
- New and improved disclosure obligations on landlords and agents, along with stronger remedies for tenants when these obligations aren’t met
- Landlords must ensure smoke alarms are in working order. A penalty will apply for landlords who don’t comply
- Easing of rules around tenants installing fixtures or making minor alterations, additions or renovations
- When a tenant breaks their lease, a mandatory set fee will apply. This will apply to all new fixed-term agreements that are three years or less
- Limiting rent increases to once every 12 months for periodic (continuing) leases
- New powers for NSW Fair Trading to resolve disputes between tenants and landlords. This includes powers to investigate and issue rectification orders to require landlords to carry out repairs and maintenance, or tenants to fix damage.
- Landlords now must disclose if a property has been used for the manufacture/cultivation of drugs in two years, and if the property is subject to a strata scheme where rectification work/major repairs will be carried out to common property.
- Additional water efficiency measures, including checking all taps and toilets at the start of a tenancy so that any leaks are fixed. Taps and toilets must also be checked whenever any other water efficiency measures are installed, repaired or upgraded, and any leaks fixed.
If you are a current tenant or landlord and would like to discuss how these changes affect you, feel free to contact Edwina Smith on 0429 328 086 or via email.
For more information on the changes, click here.
