Melbourne’s rental affordability challenge continues to make headlines, leading to policy changes aimed at balancing the market. Understanding these policies helps both owners and tenants plan ahead.
The Victorian Government’s Focus
Recent measures include incentives for build-to-rent developments, rent relief for low-income tenants, and discussions around rent increase frequency. These changes aim to stabilise the market but also impact landlords’ returns and obligations.
What This Means for Landlords
- Rent Increases: Must comply with the Residential Tenancies Act and can only occur every 12 months for most leases.
- Minimum Standards: Properties must meet health, safety, and efficiency standards before leasing.
- Longer Notice Periods: Landlords must provide clear reasons and extended notice for ending tenancies.
What This Means for Tenants
Tenants benefit from improved rights, more transparent rent review processes, and safer homes. However, increased compliance costs for owners can influence rental pricing trends.
The Bottom Line
Affordability policies are shaping how Melbourne’s rental market operates. The key for owners is staying compliant while maximising rental value.
The team at RENTED Property Management keeps you up to date with all regulatory changes so you can focus on returns, not red tape. Reach out to us for expert guidance on current tenancy laws and market adjustments.
