With so much change across the property management industry during the last 12 months, it’s great to be able to report some GOOD NEWS about some changes that are coming up.
From 27th August 2019, with the passing of the Residential Tenancies Amendment Bill 2, there has been a change in what we require on our Tenancy Agreements, with respect to insurance, we will now have to have the following statement on all our new Tenancy Agreements.
- A statement setting out details of the insurance policy that are relevant to the tenant’s liability.
- The amount of each excess that is relevant to the policy.
The logic behind this is so tenants are aware of their liability and they are aware of the maximum amount they may have to pay for any accidental damage that they have caused. If there is no insurance on the property, then the tenants may still be required to pay for damage up to a maximum of 4 weeks rent.
We have made contact with all our owners regarding this and we thank those of you who have responded to date.
This bill also has information in regards to liability in terms of contaminated properties. This is following the Methamphetamine scandal that made the headlines last year following the Gluckman report. We are still awaiting official Government guidelines as to what level they will be ruling on.
There is also information about Tribunal’s ability to make rulings on non-compliant and consented properties.
We are in our very busy Student time of the year at the moment. Most of our student properties are being leased with just one viewing! If you are looking at purchasing a student property, and want to know how much you might be able to rent it out for, contact Kelly for all the details.