Rental reforms still raising concerns
It is worth noting that our team at Barry Plant Moonee Valley is still receiving calls from landlords who have raised concerns about the proposed changes to the laws governing residential tenancies in Victoria, and how they may impact on the rental market.
These concerns are clearly quite widespread across Victoria. Even the President of the Real Estate Institute of Victoria (REIV), Leah Calnan, has called on the Victorian Government to be mindful of the low vacancy rates across Victoria when it goes through the next stage of rental law reform.
It seems that the REIV has had a working committee analysing the proposed changes to the Residential Tenancies Regulation in detail and has made an official submission to the State Government regarding the changes.
The REIV President has been quoted as saying, “The State Government is intent on putting the reforms through, the REIV has had a team looking at the changes and has made a submission that focuses on getting the best result for landlords, tenants and agencies.”
Importantly, Ms Calnan has pointed to the tight rental market across Victoria as a reason for caution when making changes to the legislation. She has said, “With record low vacancy rates across Victoria, it’s already incredibly tough for a person to get a rental home. The REIV is deeply concerned that these rental reforms may force landlords to take their properties off the market, making our state-wide rental housing shortage even worse...If rental housing stocks are impacted further, this legislation will make it harder for a tenant to get a rental home.”
Keep in mind that rental shortages have the potential to impact on some of the most vulnerable members of our society. If low income families are forced onto the streets, this will place even greater pressure on welfare groups and charities, who are already struggling to meet demand for their assistance.
If you currently have an investment property, or are planning on acquiring one as part of a long-term strategy for financial security, and would like to discuss how best to deal with any potential changes to the residential tenancy laws, you can call the property management team at Barry Plant Moonee Valley Rentals on 9319 1700.
Best wishes,
Frank Bernardelle
Rental Director
Barry Plant Real Estate - Keilor East & Essendon