The current government is pushing for changes to the Residential Tenancies Amendment Bill, aiming to make things smoother for landlords.
They’re bringing back the ability to end fixed-term tenancies without a specific reason and reintroducing the 90-day no-cause termination for periodic agreements.
Navigating the Current Law
Until these amendments come into effect, here’s a quick rundown of the existing laws for tenancies granted after February 11, 2021:
📙Fixed-Term Tenancies:
– If an owner or an employee needs to move in, you can issue a 63-day notice at the end of the fixed term.
– For renovations or if the property is sold unconditionally, a 90-day notice prior to the fixed term end date is required.
📙Periodic Tenancies:
– For an owner, employee, or family member moving in, a 63-day notice is needed.
– For sales, renovations, or marketing the home as vacant, a 90-day notice must be given.
The Importance of Good Tenants
One thing is for sure: landlords don’t want to lose good tenants. Changing tenants costs money and time, so it’s beneficial to maintain a stable and happy tenant base.
Real-World Scenarios
I recently encountered an interesting case. An owner selling a rental property with one unit vacant and great tenants Saltark had selected and placed in the other unit.
Our tenants put in an offer to buy their unit. If the sale goes through, these tenants-turned-owners will end their tenancy, and our management agreement will conclude on the day of settlement.
This seems obvious but it is critical you handle notice periods and legalities correctly to avoid hiccups that cost money, and again select the right tenants for the right property in the right location.
Key Takeaways
– Notice Periods: Ensure you give the correct notice periods to stay compliant and avoid disputes.
– Tenant Relationships: Cultivate good relationships with your tenants to foster a stable rental environment.
– Understanding the Law: Keep updated with legislative changes to manage your properties effectively.
Hope this helps all you aspiring and current landlords out there. For more advice on property management, stay tuned or get in touch.
If you know someone who needs a property manager who cares, send them our way. Contact CJ and the team at Saltark Property for top-notch property management services. Love your Rental.