Current Page

[Jimmy-T]

The NSW Government’s ban on agents from engaging in ‘rent bidding’ has backfired, as tenants are not only now more aware that they can offer above the
[See the full post at: Rent bidding ban has backfired, say RE agents]

If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.

Topic

[Manta]

Tenants have always been aware that price of rent like any commodity is negotiable and have never been backward in submitting lower offers to the greedy landlord in a “normal” market. Are these the same tenants complaining now?
I don’t agree with the blatant auctioning that is reportedly happening but short of rent controls that’s how the market works.

 

Quote

[86_strata]

Agree totally, @Manta.  I know of a number of uni students who left share houses during COVID because rents in snazzy inner Melbourne apartment blocks were half of what they were in 2019 with the absence of International students.  A 2 bedder 20th floor apartment was $300/week during COVID.  Unbelievable value.  So-called greedy landlords were hurting.  Those in Melbourne lucky to have tenants were giving rent holidays, lowering rent below what was contracted, basically doing anything to keep their tenants happy, in part because the Victorian government’s main line was that landlords were greedy and could afford to give money away and ‘let’s make every single regulation or practice favour tenants over landlords’.  And tenants certainly did take advantage.  Now the tables have turned.

Unfortunately, the pivot from COVID has been exacerbated by the effect of those who chose to upsize and can no longer downsize (where can that second TV and extra couch go?).  The market is distorted, and demand for larger properties is far higher than it should be as a result.  This is where we are today. A sad reality for all.

Quote

[Jimmy-T]

As I said on this week’s podcast, the solution is simple.  the landlord has to fix the rent when they advertise the property.  They can go down but they can’t go up and this can be checked restrospectively (if need be) against the registered.  The landlord can then get what they think the property is worth and if they ask too much, lower the amount.  It would also avoid tenants “bidding” more than they can really afford just to get a foot in the door.

If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.

Quote

[Author]

Replies