Changes to the Residential Tenancies Act in Victoria

By Janet Spencer

In September 2018 the Victorian Parliament passed the Residential Tenancies Amendment Bill 2018 – this bill includes more than 130 reforms designed to increase protections for renters, so there have been and will be more changes to the Residential Tenancies Act in Victoria.

Buyer Solutions is committed to ensuring that our clients are not only well informed but that their properties are managed in a way that maximises the security of their investment.

Over the next 12 months these 130 amendments will be incrementally implemented, and will all be in effect by July 2020, as a result of this you will receive regular communications from Buyer Solutions to keep you up to date on the changes as they happen, and how they affect you as an investor.

Major change as of 19^th June 2019:

Rent Increases: The landlord or agent must not increase the rent: 

• Before the end date of a fixed-term agreement, unless the terms of the lease allow for an increase
• More than once in any six-month period, for leases that started before 19 June 2019
• More than once in any 12-month period, for leases starting on or after 19 June 2019

In laymen’s terms, as landlords, if are tenancies are periodic (not fixed term) we are now only able to increase the rent once every 12 months, as opposed to once every 6 months previously.

These amendments also change the ways rent can be increased in long term leases of 5 years or more, for further information on long term leases and the changes, please visit: https://www.consumer.vic.gov.au/housing/renting/during-a-lease-or-residency/rent-and-other-payments/rent-increases

For further information on all the proposed reforms, please visit: https://engage.vic.gov.au/fairersaferhousing

Buying property, In The Media, Investment property, Landlords, Victorian Regulation

Buyer Solutions, change, investment property, landlords, residential tenancies act, victorian legislation