As winter approaches, we want to take a moment to reflect on what a fantastic Summer/Autumn it has been for our team. We continued to work hard to provide exceptional service to our clients, and we are proud of the outcomes we have achieved.
As we close out the month, we remain dedicated to maintaining our commitment to excellence, working together to nurture the strong relationships we have built with our clients and team members.
For our valued clients who are unaware, a new legislation has been passed by the Queensland Parliament regarding rental increases. On April 18th 2023, it was decided, landlords will no longer be able to negotiate a rental increase more than once within a 12-month period. This is a change from the previous legislation, which allowed for rent negotiations every 6-months. It has been designed to protect tenants in the ongoing cost of living crisis and to stabilise rents in Qld. Although a surprise to many, and no doubt there is much to debate, most investors such as Running Property clients already have 12-month lease agreements in place. Therefore, the majority will remain unaffected. The new legislation will apply to all current and existing tenancies starting July 1st 2023, and to any agreements beginning after that date. If you prefer to have 6-month term agreements, you can still do so, but you cannot increase the rent at every negotiation.
For more information on these changes, please don’t hesitate to reach out.
