Two updates to be aware of.
Alrighty gang, a quick little update on some property management laws that have just recently come into effect.
Firstly, let’s talk about rent increases. So basically, any tenancy agreement that is entered into from the 19th of June 2019, is limited to just one rental increase every 12 months. This applies to both fixed term and periodic agreements.
Agreements that were set in place prior to the June cut-off date may still be increased 6-monthly, until the end of the agreement; so long as the agreement is of less than 5 years in length.
If you’d like some more detailed info check out this page on the Consumer Affairs Vic website.
This second update is great because it’s going to save landlord’s some money and save some trees in one fell swoop, yay! Essentially there is now the option to provide tenants with the renting guide and other documents electronically. Which means cutting down on paying for registered post!
To switch to electronic communication, we are required to get the tenant’s written consent; which can be conveniently included in the terms of the lease. If you have an existing lease in place but would like to offer your tenant the option of electronic communication you can request your property manager organise this. If you privately manage, download the consent form here.
There are more than 130 reforms being implemented before July 2020.
That’s it folks, it’s all quite straight forward at this point. Keep in mind that more than 130 reforms to the Residential Tenancies Act 1997 were passed in the Victorian Parliament in 2018. These changes are slated to be implemented between now and the 1st July 2020.
You can check out more info about the upcoming changes here and we will continue posting updates as they roll in. Alternatively, if you would like to have a chat to a real-life person about the upcoming changes, we are always available to grab a coffee/chat on the phone to address how the changes may affect your particular property.