The New Rental Reforms in NSW

We’ve spent the past two decades working closely with landlords, tenants and property investors in New South Wales. Therefore, we understand the emotions tied to owning and managing property, from the pride of investment to the concerns about maintaining its value. 

With the new NSW rental reforms coming into effect this year, it’s more important than ever for landlords to feel confident while at the same time, be aware of these changes.

Let us walk you through the key changes and how they may affect you, as well as the role we can play in making this transition smooth and stress-free.

What the Changes Mean for Landlords

The Residential Tenancies Amendment Act 2024 has introduced several updates to rental laws. These changes are designed to balance the needs of tenants and property owners, but they also require landlords to adapt.

Two of the most significant changes include:

  1. No Grounds Terminations No Longer Permitted
    Landlords will no longer be able to terminate a tenancy without providing a specific reason. Valid reasons include preparing the property for sale, major renovations, or moving into the property. Additionally, termination notices must now include supporting evidence, and penalties will apply if the information provided is found to be false.

This update places a stronger emphasis on tenant selection. Finding the right tenant from the beginning will reduce the likelihood of challenges during the lease. At MyPlace Estate Agents, we prioritise thorough tenant screening, ensuring that only qualified and reliable renters occupy your property. This proactive approach safeguards your investment and gives you peace of mind.

  1. Simpler Pet Ownership for Renters
    Tenants will now have the right to apply for a pet, and landlords must respond within 21 days. If no response is given, the request is automatically approved. Landlords may only decline applications for specific reasons, such as if the property is unsuitable or if local council or strata rules prohibit pets.

While this change supports tenant flexibility, it also highlights the importance of regular property inspections. Pets can have an impact on the condition of a home, and consistent inspections help to identify and address any concerns early. Our team ensures inspections are carried out on schedule and that any issues are managed promptly.

According to NSW Fair Trading:

The new laws will make it easier for renters to have pets in their home. A renter will be able to apply to keep a pet, with the landlord only able to decline for certain reasons… If they do not respond, the pet will be automatically approved.

Why Professional Management is Important

For many landlords, these reforms add new responsibilities. Managing a property has always required a balance of care and organisation, but these updates raise the stakes. A professional property manager can help reduce the pressure, ensuring all obligations are met while protecting your interests as a landlord.

At MyPlace Estate Agents, we:

  • Conduct in-depth tenant assessments to find renters who will treat your property with respect.
  • Ensure compliance with all aspects of the new rental laws, from pet applications to evidence requirements for lease terminations.
  • Schedule and conduct regular inspections to monitor the condition of your property.
  • Provide clear and timely communication, so you are always aware of what is happening with your property.

Our goal is to make owning an investment property as seamless and rewarding as possible.

A Positive Path Forward

While these reforms may seem complex, they also present an opportunity for landlords to build stronger relationships with tenants and maintain well-cared-for properties. When landlords and tenants have clear expectations and open communication, the result is a more harmonious rental experience for everyone involved.

The NSW Government highlights that these changes aim to provide more stability for renters and certainty for landlords, creating better renting rules for all.

As property owners, we must adapt to these adjustments in a way that protects our investments while remaining considerate of tenant needs.

Let Us Help You Manage the Changes

Dealing with the new legislation doesn’t have to be painstaking. At MyPlace Estate Agents, we take pride in offering a personalised service that respects your property and your goals as a landlord.

If you have questions about the NSW rental reforms or want to know how we can assist with managing your property, contact us to discuss our property management services.

As always, our team is here to provide expert guidance and reliable management, ensuring your property is in the best possible hands.

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