Published on: 2016-01-21
Residential Property Management Law Changes
A change to the residential tenancy law has been introduced which includes requirements on owners to include insulation and smoke alarms in properties.
Over the next four years, the new law will require, where necessary, retrofitting of ceiling and underfloor insulation in rental homes.
For private rental housing, the requirement applies from 1 July 2019.
There will be exemptions; for example, where it is physically impractical to retrofit insulation due to limited space underfloor, or inaccessible, raked, ceilings.
Smoke alarms will be required in all tenanted properties from 1 July 2016.
Many of the properties we manage already comply with this new requirement.
Over the past five years we have been actively engaging with providers of subsidised insulation, and, where the properties and tenants meet certain criteria, we have obtained insulation subsidies of between 60% and 100% of the cost.
The amount of subsidy in the market at any one time varies, however, and we are developing expertise in accessing the subsidies. Providing healthier homes for tenants encourages longer tenancies, which improves returns to owners.
Prior to the new law’s introduction, the team has systematically reviewed every property in the portfolio to ensure your investments, and tenants, are protected by the installation of smoke alarms.