Friday, May 24, 2024

New regulatory regime due for renters

Associate Housing Minister, Barbara Edmonds says the Government has delivered the next step to protect renters and property owners, with the introduction of a regulatory regime for residential property managers.

“Today we’ve introduced a Bill that protects renters and property owners by ensuring all residential property managers are qualified and accountable,” the Minister said.

“Nearly one in three households rent in New Zealand with the residential property management sector responsible for around half of the rental market. While many residential property managers abide by professional standards, there’s no current legal requirement for them to do so.

“It’s clear there’s a gap in the foundations of the sector which we need to fill. Putting safeguards in place is in the best interest of everyone, regardless of whether they’re renters or property owners.”  

The Bill requires residential property managers and residential property management organisations to be regulated by the Real Estate Authority. The proposed regime includes:

  • establishing licensing, training and education requirements;
  • requirements to ensure industry practice standards are being met;
  • providing accountability by establishing an independent, transparent, and effective complaints and disciplinary process.

“We know residential property managers play an important role in ensuring tenants are treated fairly and have access to secure and safe rental housing,” Minister Edmonds said.  

“This Bill continues the Government’s momentum to improve rights for renters and property owners, and delivers on a Labour Party manifesto commitment.

“We’re committed to making sure residential property managers operate fairly for everyone,” she said.

Private and public landlords, including Kāinga Ora and registered Community Housing Providers, would not come under the proposed regime. Instead, public housing landlords will have a Code of Conduct to follow. This will be developed alongside the industry standards enabled by the regime.

The Residential Property Managers Bill is now awaiting its first reading and referral to Select Committee.

Latest Articles