Steve Nottle,
Head of Property Management at Image Property.
Stage 2 Rental Law Reforms – Important Update for Queensland Property Investors
[lwptoc]The Queensland Government has finalised the timeline for the remaining Stage 2 Rental Law Reforms, set to impact all property investors.
These changes, part of the Residential Tenancies and Rooming Accommodation and Other Legislation Amendment Act 2024, will roll out in two stages – 30 September 2024 and 1 May 2025.
Key changes effective from 30 September 2024
Fee-free rent payment methods
Property managers must offer at least one fee-free rent payment method. Additionally, they are required to notify tenants of any costs associated with other rent payment options.
Bond claims and dispute resolution
Property owners must now provide evidence supporting a bond claim or dispute resolution request within 14 days of submission.
Bond limit adjustments
The cap on bond amounts will be removed. From now on, a maximum bond of four weeks’ rent will apply to all rental properties, regardless of the rent amount.
Bond refunds on tenancy renewal
Tenants may request a bond refund if the amount held exceeds the new bond limit when renewing their tenancy.
Service and water charges
Bills for service charges and water consumption must be provided to tenants within four weeks of receipt. Failure to do so means tenants are not required to pay these charges.
For partial billing periods, tenants will only pay for water consumption if the charges are calculated correctly as per the Residential Tenancies and Rooming Accommodation Act (RTRA Act).
Re-letting costs
In the event of a lease break, reletting costs must be calculated using a statutory formula.
Key changes effective from 1 May 2025
Tenancy applications
Property managers must use a prescribed form for all tenancy applications and can only request specific types of information from prospective tenants.
Tenant information verification
New requirements will be introduced for verifying a tenant’s identity.
Disclosure of financial benefits
Property managers must disclose any financial benefits received from third-party rent payment methods to tenants.
Entry notices
The notice period for entry will be extended from 24 hours to 48 hours.
Entry to the property will be limited to two times per seven-day period after a Form 12 Notice to Leave or Form 13 Notice of Intention to Leave is issued.
Attachment of fixtures
A new process will be introduced for tenants requesting to attach fixtures or make structural changes to rental properties.
Personal information management
Updated procedures will be introduced for collecting, storing, and destroying personal information.
As a property investor, it’s crucial to understand these changes and prepare for their implementation. Ensuring compliance with these new regulations will help you avoid potential disputes and penalties.
At Image Property, we are dedicated to keeping our landlords informed so they can manage their rental properties effectively under the new legislation.
If you have any questions or need assistance with navigating these reforms, we’re here to help. Get in touch today.
