Landlords and real estate agents in NSW will be banned from encouraging tenants to offer more money to secure a rental property. But will it work?
Rent bidding is when agents encourage tenants to offer more money for an advertised rental property.But tenant advocates warned the regulations would not stop potential tenants from offering more of their own accord.Landlords and real estate agents in NSW will be banned from encouraging tenants to offer more money to secure a rental property, under urgent changes to be made to regulations to deal with the state’s rental crisis.
Premier Dominic Perrottet announced urgent changes to the Property and Stock Agents Act 2002 on Monday to outlaw solicited rent bidding, saying it would help tenants secure housing in a fair way.“The search for a rental property is tough enough without it turning into a bidding war that pushes people beyond their comfort level,” Perrottet said.
Labor has also committed to establishing a Rental Commissioner, who will lead consultation and drafting of legislation to introduce reasons for eviction — ending ‘no grounds’ evictions — and implement a portable bonds scheme, which allows renters to transfer their bond from one property to another.It comes after Sydney’s rental vacancy rate dropped to a record low of 1 per cent this year, driving up competition for available rentals. Vacancies inched upwards last month to a rate of 1.
“This won’t fix affordability, but it will take away a major point of frustration and upset for renters.”
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