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NSW rental reforms: A double-edged sword for tenants and property investors
NSW’s Rental Tenancy Act is changing, with new rules to take effect by mid-April on rent hikes, pet ownership, and no-grounds evictions, requiring landlords to give valid reasons for tenant removal.
In this episode of The Smart Property Investment Show, Phil Tarrant is joined by the CEO of the Real Estate Institute of New South Wales (REINSW), Tim McKibbin, to discuss the imminent changes to the Rental Tenancy Act and its potential impact on property investors.
The upcoming regulations, expected by mid-April, include limits on rental increases, rules on pet ownership, and the abolition of no-grounds evictions, which require landlords to provide valid reasons for evicting tenants.
The duo discuss the historical context and current changes in the Rental Tenancy Act, and its potential impact on investors and property managers who already face a shortage of professionals.
They stress the importance of balance as overregulation can hurt landlords and tenants as fewer investors may enter the market, leading to a shortage of long-term rentals.
As these changes are implemented, the REINSW stresses the importance of balancing tenant and landlord interests while maintaining market stability.
Tim said investors must stay informed and engage in policy discussions to ensure their voices are heard.
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