REIV issues reminder to members on rental price advertising and the rent review process
Date: 5 Feb 24
Media Release
The Real Estate Institute of Victoria (REIV) has written to its membership with a reminder on the legislative process when advertising residential rental prices and delivering rent increases.
In a series of emails sent to members, the REIV encouraged agencies to review their processes and practices to ensure all conduct is fair, transparent and adheres to both the Residential Tenancies Act and Residential Tenancies Regulations.
On the topic of rent increases, the REIV has emphasised the need to ensure that the renter is provided documented, clear information with supporting evidence on the notice of increase. The requirements and timelines for a rent increase are legislated in the Act.
The REIV also notes that all Victorian residential rental properties must be advertised at a fixed price. It is unlawful to advertise rental properties with a price range or initiate rental bidding.
Jacob Caine, REIV President said it’s pleasing to see the overwhelming majority of members adhering to legislative requirements, but there’s still an opportunity for agencies to further refine processes so they achieve industry best practice standard.
“Our members are committed to ensuring fair prices on rental accommodation for both renters and rental providers. While rent increases are a natural component of the long-term rental market, our profession carries the responsibility of ensuring that these are delivered transparently, ethically and with fairness to all parties,” said Mr Caine.
“The REIV is encouraging all real estate professionals to be prudent and take extra care in this highly competitive rental market.
Media Contact: [email protected] | 03 9205 6607