30/11/2021
On 29 March 2021, a number of amendments were made to the Residential Tenancies Act (Vic) 1997 (“the Act”). The update included changes to some of the key terminology, with tenants now being called renters, landlords being referred to as rental providers, and leases now titled rental agreements. The amendments also altered the ‘Notices to Vacate’ provisions.
Rental providers can no longer issue a ‘no specified reason’ notice to their renters. Instead, rental providers must provide renters with reasoning's as to the notice to vacate, and must adhere to the specified days of notice when doing so.
These changes will have significant effects on how investors, in particular, will be able to deal with their rental properties, and the changes should be taken into consideration when deciding to invest in rental properties going forward.
Contact us if you require further clarification.