From 1 July 2023, the laws applying to residential rental properties have limited the frequency that a landlord (owner) can apply a rental increase.  In short, a landlord is not able to increase the rent more than once in any twelve (12) month period.  The laws apply to all new and existing tenancies.

From 6 June 2024, the rent can only be increased if it has been at least twelve (12) months since the current rent amount became payable for the premises.  This is obviously an important consideration for current owners of rental properties that will impact upon the income generated by the property.

However, it is also important to note that the minimum twelve (12) month “Freeze” on rents, applies to the property, not to the parties.  For this reason, it is recommended that buyers of residential property for investment (long term rental) purposes with a lease in place at the time of purchase make themselves aware of the history of the tenancy insofar as the timing of the last rental increase is concerned, as part of their due diligence.