NEILSON PARTNERS EXPLAINS NEW RENTAL REGULATIONS FOR VICTORIA
As of March 29, 2021, new rental regulations are set to come into operation in Victoria, under the Residential Tenancies Act 1997. The new statutes will revoke the Residential Tenancies Regulations 2019. For first home buyers considering rentals instead, this may affect the decision-making process.
WHO WILL BE AFFECTED BY THE NEW REAL ESTATE REGULATIONS?
The new orders will affect real estate agents, landlords and tenants/renters in Victoria – not directly first home buyers. The guidelines incorporate private rental housing, public and social housing, rooming houses, caravan parks and residential parks.
Additionally, Tenants will now be referred to as Renters and Landlords will now be referred to as Residential Rental Providers (RRP's).
WHAT DO THESE CHANGES MEAN TO ME?
After the review of a consultation that took place between November 2019 and December 2019, and the consideration of submissions received by the Victorian public, the Minister of Consumer Affairs has decided to make a number of changes to the existing Residential Tenancies Regulations 2019. The changes are aimed at ensuring clarity in terms of definitions, minimum standards and the disclosure of information.
WHAT ARE THE KEY AREAS OF CHANGE?
Some of the areas of change will include:
- What the rental minimum standard will look like
- The permitted modifications that renters can make to a property
- Updates to various forms required for renters and landlords
- Mandatory safety checks for gas and electrical
- Compensation for sales inspections
- Clarification on professional cleaning requirements
- Urgent repairs inclusions and expenditure
For further information on the new Residential Tenancies Regulations 2021 contact our Property Management experts at First National Neilson Partners. Alternatively, if you’re looking at moving away from leasing and into becoming a first home buyer, we can guide you through the process.