Key Changes to NSW Rental Laws
The NSW Government has introduced major updates to rental laws with the Residential Tenancies Amendment Act 2024, aiming to create a fairer system for both renters and landlords.
Key Changes You Should Know:
- Reason-Based Lease Terminations: Landlords must provide a valid reason to end a tenancy, ensuring more stability for renters.
- Pet-Friendly Rentals: Renters can request to keep pets, with automatic approval if landlords don’t respond within 21 days.
- Rent Increase Limits: Rent increases are now limited to once per year for all leases.
- No Background Check Fees: Renters cannot be charged for applying for properties.
- Flexible Rent Payment Options: Renters can pay via bank transfer or Centrepay without mandatory fee-based apps.
When Will These Changes Take Effect?
- Effective 31 October 2024:
- Annual rent increase cap.
- No fees for background checks.
- Early 2025:
- Reason-based lease terminations.
- New pet ownership rules.
- Extended notice periods for ending fixed-term leases.
- Revised rent payment methods.
A new Rental Taskforce within NSW Fair Trading will ensure compliance with these reforms.
Stay informed and explore the full details of these changes by reading the full article here.
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