After a sudden announcement from Queensland Government authorities, renters from all over the state – especially in Brisbane – have taken to the streets to celebrate and demand the 1st of July become a new public holiday.
In major events that could only be compared to the Storming of the Bastille, people gathered to honour the beginning of a new era in which their rents will no longer be increased twice a year.
Announced in the quiet of the night (for the delight of Property Managers, who were no longer in office to take the hundreds of panicked calls), a new amendment to the Residential Tenancies and Rooming Accommodation Act 2008 was pushed yesterday (18th of April) limiting how property investors can handle their rent increases.
The Dark Ages
Prior to this just-announced legislation amendment, landlords could operate by making available to tenants 6-month lease terms and, at the end of each tenancy agreement, offer them a renewal with price increases. This would quickly escalate the rental price for the property and put pressure on renters who, over the years, saw the market inflate and, especially over the past two years, become rapidly inaccessible.
With plummeting vacancy rates and rental prices rocketing it was no surprise that the Queensland Government would bring state legislation into line with other Australian jurisdictions.
The Renters Renaissance
Although fresh out of the oven, this new amendment has made clear that property investors can no longer get more than one rent increase per year on their lease renewals, giving Queensland renters a fairer chance on the real estate market.
The amendment should go into effect from the 1st of July 2023 onwards for both existing and new leases and we will be able to understand it in further detail once the official piece of legislation is released. However, for the time being, many tenants all over the state are thrilled with the possibility of having the same rent price for at least 12 months.
Around lunchtime, the renters’ celebration began to take epic proportions and run out of control. Brisbane police enforcement was forced to take drastic action and remind participants that most of them were looking for 12-month leases or longer and that the amendment would not drastically impact their lives.
More about rent increases: Tumultuous rental market presents amazing new opportunities.
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