Victorian renters will finally be able to enjoy the safety and security of long-term leases.
Announced today by the Andrews Labor Government, a new long-term standard tenancy agreement will be developed for leases of more than five years.
The change will mean greater security for both tenants and their landlords, providing stability for renting families and a more steady income source for property owners.
While short-term leases remain the norm in Victoria, it’s clear that many Victorians want a more permanent option, with more than one in five renters in their home for five years or more.
The new standard tenancy agreement will be developed in consultation with stakeholders and implemented in 2018. A website will also be developed to connect people looking for long-term leases with available properties.
The announcement comes as work to update the Residential Tenancies Act continues. By introducing long-term leases earlier, renters will have security sooner, and the remaining issues with the Act can be given the attention they deserve.
Today’s announcement continues the rollout of the Labor Government’s housing strategy.
The Government has already committed to the creation of a $1 billion Social Housing Growth Fund that will provide dedicated assistance to community housing associations to help support up to 2,200 households.
100,000 lots in Melbourne’s north have also been rezoned to create 17 new suburbs, boosting land supply and making housing more affordable for Victorians.
Quotes attributable to Premier Daniel Andrews
“Raising a family is stressful enough without worrying about whether you need to move every 12 months. Long-term leases will end that uncertainty.”
“There are 884,000 Victorians who rent, or own a rental property. This change will give renters the chance to put down roots and landlords a more certain income.”
Quotes attributable to Minister for Consumer Affairs Marlene Kairouz
“More than 25 per cent of Victorians rent. They should be able to have the security that comes with a long-term lease, and that’s exactly what we’re doing.”
“This is about giving Victorian renters and landlords the security they need– the ability to lease a property long-term and a way to help renters find their future home.”