Attention all landlords
TENANT’S rights are being strengthened as a series of changes to rental law are being rolled out by the Victorian Government.
Michelle Smith and team from Elders Real Estate Yarram are making it a priority to inform local landlords and investors of what this will mean for them.
“There is a concern that landlords may increase their rent or completely remove their property from the market because of these new laws,” she said.
But having vacant properties – especially with the amount of renters on the rise – could be damaging to the area.
A few of the 130 changes include more accessibility for renters with pets and additions to what can be considered urgent repairs.
Renters will be allowed to make prescribed minor modifications to a rental property and more notice will also be provided to tenants, along with compensation, for inspections if their rental property goes on the market.
“I think it’s a positive change. The laws are becoming a lot fairer for both parties,” Ms Smith said.
New lease agreements will be treated as trials for the first 12 months, granting tenants more long-term security following the year-long tryout period.
“There is more security and peace of mind for tenants after that 12 month period,” Ms Smith said.
“Some people are renting for a long time and want to make it a home and make it comfortable.”
With more Victorians renting than ever before and no changes to rental laws in the last 20 years, it’s a necessary change.
But Ms Smith hopes it doesn’t lead to landlords or investors pulling their properties from the market.
To give the wider community the facts, she and her Yarram team recently held an information session for private and commercial landlords and investors.
She said it was important for landlords and investors to ensure their properties are professionally managed and to tune in to the information that’s being provided.
Some changes have already been applied with more to be implemented next financial year.
Ms Smith encouraged any landlords or investors seeking clarification to make an appointment at Elders Real Estate Yarram.
Call 5182 6600 to make an appointment.
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