A Tide of Change is Coming for Landlords. Are You Ready?
Our government’s first-year anniversary is approaching. Tenancy reform announcements are more frequent as Phil Twyford’s master plan starts to take shape.
Between now and Christmas, there are a few possible and proposed changes coming:
- Proposed reforms to the Residential Tenancies Act announced. In particular, reforms will be around ‘security of tenure’, rent bidding and allowing tenants to have pets.
- Stricter rules and regulations for operators of boarding houses and the likely introduction of a Warrant of Fitness.
- Standards and time frames around the implementation of the Healthy Homes Guarantee Bill criteria.
- The Residential Tenancies Amendment Bill No 2 and Abolishment of Letting Fee Bill will become law.
- An announcement about the possible regulation of our industry.
- The possibility of tenants having right of renewal of their tenancy after a fixed term.
- Tenants may have the right to a minimum length of tenancy.
- Will tenancies become periodic tenancies?
- Will landlords only have the opportunity to give a 90-day notice (with valid reason) to end a tenancy?
- Will tenants have the right to have pets?
- Will tenants be able to make alterations to the rental property without their landlord’s agreement?
We are of the belief that warrants of fitness will come, and it will be a good change. At Quinovic Parnell, 99% of the rental properties we manage would meet the proposed changes. We would be active in guiding owners to ensure their rental properties comply.
It has never been more important that landlords realise they are running a business. As such property owners need to educate themselves on the changes, and ensure they abide by the law.
We would like to thank Real-IQ for some of the comments for this blog post.
If you’re looking for expert help or guidance, get in touch with Quinovic Parnell in Auckland. We can assist you in managing your property business. We can ensure your investment or portfolio of rental properties are well managed: