Understanding Queensland’s New Rental Reform Laws: What You Need to Know - The Community Leader and Real Estate New and Views

Select your location

Get personalized news and content for your area.

Understanding Queensland’s New Rental Reform Laws: What You Need to Know

Real Estate

FROM SAMARA BEDWELL – MACWELL PROPERTY

Starting September 30, 2024, Queensland tenants and landlords will see significant changes to rental laws, designed to streamline costs and reduce disputes.

Here’s a breakdown of what’s changing in easy-to-understand terms:

  1. Rental Bond Cap: No matter the rental price, the maximum bond that can be charged will be limited to four weeks’ rent. This update aims to make move-in costs more affordable across the board, especially since rents have significantly risen in most parts of South East Queensland.
  2. Bond Claim Requirements: At the end of a tenancy, if a landlord needs to claim from a tenant’s bond, they must provide the tenant with documented evidence of the costs within 14 days. Failure to do so could result in a hefty fine of $3,226. Note, this rule applies only to bonds lodged after September 30, 2024. Existing tenancies with bonds paid under the old rules remain unaffected.
  3. Payment Options: There’s now a requirement for at least one free method for tenants to pay their rent. This becomes a bit tricky as society shifts away from cash and as options like cheques and money orders phase out.
  4. Break Lease Costs: Perhaps the most contentious change for investors is how break lease costs are handled. Previously, landlords could charge tenants a break lease fee to cover various costs if a tenant left their lease early. Under the new laws, there’s a prescribed formula by the state that might leave landlords out of pocket during a break lease situation.
    The Real Estate Institute of Queensland (REIQ) has voiced concerns and submitted several proposals against this bill, but it has now been passed into law.
  5. Water Consumption Costs: If lessors are charging their tenants water consumption costs they must pass on these costs within four weeks of receiving their bill, and they must supply a copy of the bill with the invoice to the tenant.

For investors, staying informed about these changes is crucial. Ensuring you have a knowledgeable and proactive property management team can make all the difference in keeping your investment profitable and compliant under the new regulations.

Stay tuned to updates and ensure your rental strategies align with the latest legal landscape!