Time is running out for landlords to provide feedback to the Government on two key issues that will have significant effects on the residential property rental sector.
The Government says its proposed reform of tenancy laws aims to "make life better for renters" by:
Contentious proposals on which the Government is seeking feedback include
The discussion document and a link to an online submission survey are available at: www.mbie.govt.nz/rta-reform .
Consultation closes at 5pm, on Sunday 21 October 2018.
NZ Property Investors Federation (NZPIF) executive officer Andrew King says some of the proposed tenancy law changes, including increasing the termination notice period to 90 days would make problem tenancies significantly harder to deal with.
The NZPIF has also called for stronger rules around rental payments to dissuade tenants from not paying.This could involve the ability to charge interest on outstanding rent, the ability to charge tenants’ credit cards or exemplary damages if they don't pay their rent, and faster access to the Tenancy Tribunal for rent arrears cases.
Tony Alexander, Chief Economist at the Bank of New Zealand, predicts the regulations will make property owners more selective about who they allow into their properties, and rent rises when tenants change will likely increase while demand for state housing also rises. He said some investors would sell, worsening the housing shortage.
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