NSW New Residential Tenancy Laws – Schwarz Recommends
Major changes to residential tenancy laws will come into effect on Monday 23 March 2020. The new legislation’s will improve the tenants renting experience while ensuring landlords can effectively manage their properties.
It aims to reduce disputes over repairs and maintenance, increase protection and certainty for tenants, and clarify the rights and obligations of tenants and landlords.
Key changes include:
- NSW landlords must ensure that their rental property meets 7 minimum standards to be ‘fit for habitation’
- New and improved disclosure obligations on landlords and their agents, including disclosure of material facts, and strengthening the remedies for tenants when these obligations aren’t met
- Landlords must ensure that smoke alarms are in working order. A penalty will apply for landlords who don’t comply
- Making it easier for tenants to install fixtures or make alterations, additions or renovations that are minor
- Mandatory set fees when a tenant breaks their lease will apply to all new fixed-term agreements that are 3 years or less
- Limiting rent increases to once every 12 month for periodic (continuing) leases
- New powers for NSW Fair Trading to resolve disputes between tenants and landlords. This includes powers to investigate and issue rectification orders to require landlords to carry out repairs and maintenance, or tenants to fix damage.
If you’re unsure about the changes and need advice for your investment property, even if you’re not a client of Schwarz, we are happy to help. We’ve created a full fact sheet describing the changes along with our recommendations. These recommendations are included to help you make an informed judgement on what is the best option for your investment.
Simply follow the link to view: NSW Tenancy Changes