I’ve had a lot of investors reach out recently in relation to the NSW Rental Reform Changes that have been made. So, I thought I’d do a series of videos to give investors a better understanding of their obligations. There have been 294 changes to the legislation and NSW Fair Trading now have a task force to monitor that all investors are complying with this legislation.
There are fines from $2,200 up to $75,000 per offence. So, if you’re an investor, whether you self-manage or have an agent, these changes are relevant to you and your property.
Rental Reform Changes – Rent Increases
The first lot of changes that started on 31st October 2024 are that rent increases can only be made once a year for all leases.
Previously, only periodic leases and fixed term leases of two years or more had this rule. It now applies to all leases.
Considering these changes to the rent increases is now more crucial than ever to ensure your rent reviews are done and your property’s rent is kept in line with the current market.
If you have any questions or would like a current market rental appraisal please feel free to reach out as I’d love to help you unlock more with your investment property here at DiJONES.
Denise Kane
0400 751 094
