The rental market is very tight at the moment with limited stock available and properties in high demand by prospective tenants. Fair Trading NSW has brought in new rules around what is known as “Rent Bidding” the process of negotiating on the price of rent.
From 17/12/2022, real estate agents in NSW will not be allowed to invite or solicit an offer for rent that is higher than the amount advertised for the property. Marketing and advertising cannot state a price range for the rent amount, or state ‘offers from’ or ‘by negotiation’. Agents can accept a higher rental offer if it is made freely and voluntarily by a prospective tenant.
A fine (Penalty Infringement Notice) may be issued for breaches of the new rules – $550 for an individual or $1,100 for a corporation. For more details please contact our Property Management Team or Fair Trading NSW.