The state government is stabilising rents by reducing rent increase frequency to once a year from July 1, 2023.
The government has said limiting rent increase frequency will help improve consumer protections while stage two rental law reform is progressed to build on the government’s record of strong, balanced rental law reform delivered in stage one.
The annual limit on rent increases will apply to all new and existing tenancies from that date in a bid to ease cost of living pressures.
Local agent Dave Hardman from Ray White Capalaba said: “I don’t think it will affect the majority of landlords and tenants, since rents seem to rise and settle over eight to 12 months.
“The home shortage is creating an increase in homeless of 50 per cent in the Redlands.
“A good way to stay informed is to communicate with your property manager or sign up to the REIQ newsletter.”
So what is happening now and where are we up to with the state’s rental reforms process?
The amendments delivered rental law reforms to improve safety, security and certainty for the Queensland rental market and:
- Strengthened protections for renters against retaliatory actions, such as eviction and rent increases.
- Set minimum housing standards to ensure rental properties in Queensland are safe, secure and functional.
- Gave renters experiencing domestic and family violence the right to end their interest in a tenancy with limited liability for end of lease costs.
The five key focus areas were:
- Installing modifications
- Making personalisation changes
- Balancing privacy and access
- Improving the rental bond process
- Fairer fees and charges
The options paper went out to the public for feedback from April 18 to May 29.
The government has said it will consider all feedback before making a final decision or changing any laws.
It’s with feedback from industry and the public that we can make the changes we want to see.