Over the last three months, the rental market has been quite sluggish, with a noticeable decrease in demand.
With winter finally coming to an end, it's great to see the promise of spring and some sunshine on the horizon. Over the last three months, the rental market has been quite sluggish, with a noticeable decrease in demand. There have been fewer inquiries, and the number of people attending viewings has dropped. However, spring traditionally brings an increase in inquiries. To maintain a low vacancy rate of 1.08%, we have been proactive by scheduling multiple viewings, offering on-call viewings, and upgrading our listing photos and descriptions. We process strong applications promptly, as soon as all applicant information is provided.
Healthy Homes Deadline Is Fast Approaching!
By July 1st, 2025, all private rental properties must comply with the Healthy Homes Standards. Owners who do not meet these requirements will be in breach of the Residential Tenancies Act and may be liable for exemplary damages of up to $7,200, payable to the tenant in addition to any compensation.
We would like to thank all our property owners for the hard work they've put in to ensure their properties are compliant. We understand that in some cases, bringing properties up to compliance has involved significant costs.
Pet Bonds
With the recent introduction of pet bonds for tenants, landlords will soon be able to charge an additional pet bond, set at two weeks' rent. This change is part of the amendments to the Residential Tenancies Act introduced in May.
It's important to ensure your property is properly prepared before accepting pets. This includes considering pet safety, minimizing potential pet damage, and understanding any restrictions that may apply, especially in properties with body corporates, smaller units, or block-type flats.
This change will also allow tenants to be held liable for all pet damage beyond normal wear and tear. Remember, tenants must have the landlord's consent to keep a pet.
Allowing pets could potentially attract more investors and property owners to accept tenancies that allow pets, leading to longer tenant stays. However, please note that there is always some risk associated with accepting pets in rental properties.
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