Learn How New Rental Laws Affect Landlords
The Victorian Labor Government has introduced some new laws relating to tenancies in our state. Some of these laws take effect now and others will come into place over the next 12-18 months.
The first change relates to the frequency of rent increases for residential properties, and it only effects leases that begin after 19th June 2019.
If your property is currently tenanted, this change will not impact you and your tenants unless a lease renewal occurs after 19th June 2019, or your tenants vacate and a new tenant is found. Any new leases starting after 19th June 2019 will be effected by this change. Full details can be found here.
Rents have continued to grow in Melbourne and whilst this change removes some flexibility around the regularity of rent increases, we do not believe MRE clients will be materially effected as a result. MRE, after analysing over 10 years of rental demand data, have created a strategy to align rental increases to the busiest time of the year to maximise outcomes for clients. Contact our team to learn more about how MRE can improve your rental return.
Contact our team to learn more about how MRE can maximise your rental return or read up on our award winning Property Management here.