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Market Comment - December 2022

December already!

Well, what a year it has been for change not only with reforms but how the rental market has returned to pre covid 19 - somewhat normal.

Housing Minister Megan Woods has announced that work is underway to regulate the Property Management sector. For Property Management companies to operate they will need to be registered, staff trained to specific property management standards and licensed, with all complaints and disciplinary matters dealt with through a new regulatory authority. We here at Rentworks totally support this and we have the vast majority of these requirements in place already.

Extension to Healthy Home Standards:

The government is giving Private Landlords, Kainga Ora- Homes and Communities and community housing providers an extension to comply with Healthy Homes Standards.

This change means private landlords have one more year to comply, so private rentals must comply by 1 July 2025 instead of 1 July 2024. The timeframe for compliance for a new or renewed tenancy will now shift from 90 days to 120 days.

A brief list of reforms in the rental sector since October 2017

  • Banning of Tenant Letting Fees

  • Tenant liability for careless damage tied to owners insurance excess

  • Introduction of the Healthy Homes Standards

  • Improving the security of tenure for tenants, changes to fixed-term tenancies

  • Tax deductibility of interest expenditure removed for residential property investors

  • New privacy requirements to protect tenants' personal information

  • Work has begun on an acceptable maximum allowable level of methamphetamine residue in rental properties

We wish you a very happy Christmas and a prosperous New Year, and from the whole team, we really appreciate all your support over the year

This publication has been provided for general information only and does not constitute financial advice.


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