Local News

The RTA Amendment Bill 2024 has been introduced to parliament and passed its first reading this week, which is exciting news for both property owners and tenants. One significant area of change involves the policies surrounding pets in rental properties. We anticipate the following impacts on the Dunedin rental market: Student Properties: The introduction of fixed-term agreements will benefit both owners and tenants. These agreements provide a clear end date and allow properties to be advertised early, giving students security for the following year and a variety of options to choose from. For owners, this means better knowledge of rental income for the upcoming year. Residential Tenancies: The amendment will provide an opportunity for tenants with little rental history or previous issues to prove themselves as reliable tenants. Currently, the difficulty in ending tenancies discourages owners from taking chances on these tenants, often resulting in increased emergency housing needs. This change will benefit both tenants and property owners by allowing tenants to demonstrate their reliability, while also making it easier to address problematic behavior and maintain a positive living environment for all residents. Pets: The National government aims to encourage property owners to allow pets by permitting a pet bond of up to two weeks' rent. There will be specific reasons allowed for refusing pets, mainly based on suitability and other clauses, ensuring refusals are reasonable. This aspect of the bill may have mixed reactions, and it will be interesting to see how it is implemented. Overall, the RTA Amendment Bill 2024 promises significant improvements for the rental market, balancing the needs and interests of both tenants and property owners. Click the link below to read the full article as mentioned on Tenancy.co.nz