Why Victoria’s New Rental Laws Are Good News For Rental Providers
The rental market has well and truly been shaken up by the new rental laws in Victoria.
With over 130 new laws, much of the commentary has focused on how the new laws advantage renters over rental providers.
However, there is a sound argument to be made that this is actually good news for property investors who rent out apartments in Melbourne and other types of properties.
They Make Renting More Attractive
If renting is more attractive as a result of these new laws, then this will help increase demand for rental properties.
The number of people ‘reinvesting – a concept whereby people rent where they want to live and buy in the more affordable outer suburbs or regional areas – could potentially also increase the demand for apartment rentals in Melbourne.
They Force Better Quality Rentals
The new laws around minimum standards and urgent repairs will require some additional investment into properties from rental providers, but this short-term pain will create a higher-quality rental property that is more attractive to renters, also potentially allowing a greater asking weekly rent price.
Look at it as an investment in your asset!
Clearer Guidelines For Late Rental Payments
A rental provider can give a renter a 14-day notice to vacate for unpaid rent when the renter owes 14 days’ rent or more. But if the renter pays the overdue rent owed within the 14-day notice period, the notice to vacate has no effect.
This applies to the first four times in a 12-month period that a renter is given the notice to vacate. If it happens a fifth time, the notice to vacate remains valid, even if the rent is paid within the notice period.