Why you should be scared about the new rent rules
Residential rents will soon be on the rise, with a new rental agreement in effect for the majority of residential properties in NSW.
The rules come into effect on April 1, with the Fairfield Residential Rent Agreement (FRRA) in place until August 31.
The Fairfield FRRA, as it stands, sets a maximum rent of $2,500 a week for an apartment with two bedrooms, up from $1,400.
But if a tenant wishes to increase their rent to $2.10 per week, they will need to apply to the council.
If they fail to do so, the landlord will be able to raise the rent for that unit to $4,000 a week, which means a rent increase of $500 a year.
This applies to all units in Fairfield, and it applies to properties with more than two bedrooms.
In most cases, the rent increases are only for the first three months, and then the increases are gradually increased as the property gets used.
For example, if a property has three bedrooms and a three-month occupancy period, the new rate would be $1.20 per week.
However, if the property has a one-bedroom and a one month occupancy period then the new fee will be $2 per week for the period from July 1 to September 30.
For properties with two or more bedrooms, the changes apply to those units that are less than two years old.
The Fairmont FRRA applies to any unit that is less than three years old, but it is not applicable to the properties with three or more units.
The changes come into force on April 31.
It’s unclear when the new rules will take effect.