Like so many other industries, property management has been given a good shake up over the past few months as COVID-19 has taken its toll.
Fortunately, over the past week or two as restrictions have begun to ease, there is a noticeable return closer to normality than we have been for some time. Open inspections are now once again permitted (with social distancing and hygiene still very top of mind), and prospective renters are returning to the market after a significant downturn in recent times as people “laid low” and rode out the beginnings of an uncertain period.
More than a week on from the NSW Government announcement outlining rental assistance measures due to COVID-19, we take a look at the current rental landscape and cover several frequently-discussed topics from conversations we’ve had with investors over the past few weeks.
It has been a long and difficult wait for landlords, tenants and real estate businesses alike over the past weeks as the economy has deteriorated significantly and many Government assistance measures have been announced.
Until recently, there had been next to no mention of how landlords, tenants, and real estate agencies should navigate this challenging time. Finally, clarity has been delivered via a media release from the NSW Government on Easter Monday 13th April.
In news announced yesterday, it is now illegal in NSW for anyone to leave their home to stay in Airbnb or similar short-term accommodation without a lawful reason for doing so.
Among many residential tenancy law changes being introduced from 23 March 2020 in NSW, there are changes to mandatory break fees i.e. the compensation the tenant agrees to pay if they move out before the end of a fixed term lease agreement.
Currently, for a landlord to be able to pass on water usage charges to a tenant, the residential property must be separately metered, the charges must not exceed the amount payable by the landlord (according to the water supplier’s bill or other evidence), and the property must meet water efficiency measures.
A rental property is only considered water efficient prior to 23 March 2020 if it meets the following standards:
As detailed in our post "What Are The Changes To Residential Tenancy Laws In NSW Which Start on 23 March 2020?", there are significant changes to NSW residential tenancy laws which come into effect from 23 March 2020.
One such change is that tenants will have improved clarity around their ability to make alterations, additions or renovations during their tenancy.
Carnelian Property Management Newcastle NSW
We are a family-owned and run Newcastle real estate agent offering expert property management across Newcastle and Lake Macquarie.