New legislation has been introduced to address cost of living pressures for households across the state. Regardless of your stance on it, if you're a landlord, there's important information you need to consider.
The Queensland Government has passed legislation to reduce rent increase frequency to once a year from July 1 2023.
The annual limit on rent increase frequency will apply to all new and existing tenants.
So, what does this mean for you and your investment property?
Any rent increase after July 1 2023 will only be valid if it has been 12 months since the previous rent increase.
More frequent rent increases written into tenancy agreements prior to July 1 2023 will not apply.
This 12 month minimum continued to apply if there is a change to the rental property owner or manager.
The current laws around rent increases will continue to apply until new legislation comes into effect on July 1 2023.
At Place, our team are informing our landlords in regards to all legislation changes to ensure they are educated on the new process and when they can increase the rent. We work closely with the REIQ to always follow best practice.
Got questions about your investment property? Our property management team are here to help!
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