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Managing and renewing a tenancy

 

2020 has had a significant impact on all aspects of the Australian economy, though the full ramifications are still playing out. Job losses and/or reduced work hours are pulling rental prices down as tenants are forced to find cheaper, or alternative accommodation. There’s also likely to be an oversupply of rentals on the market, which will also impact rents moving forward.   

 

If you’re one of the 2.5 million landlords who own a residential investment property, you and your property manager are going to need some measure of flexibility in dealing with the unprecedented challenges that 2020 brings. These include: 

 

  • Determining your own financial position
  • Managing tenants with financial hardship
  • Renewing tenancies in a tough market
  • Marketing your property effectively to limit vacancy

 

One of the obvious and most confronting aspects of managing a tenancy at this time, will be dealing with financial hardship. This could apply equally to you or your tenants. 

Things you should know

Westpac is not responsible for the content of any third-party website to which links are provided from this article. Westpac does not endorse or control these third-party websites and is not responsible for any products or services taken up with them.

 

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. © Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

 

References:

https://www.corelogic.com.au/news/which-rental-markets-are-most-impacted-covid-19

https://www.fairtrading.nsw.gov.au/__data/assets/pdf_file/0010/893395/DCS_00056_Rent-Arrears-or-Charges_Flowcharts.pdf

https://www.rentcover.com.au/info-centre/government-initiatives-for-landlords-covid-19

https://mcusercontent.com/5cba65f23d61f0ea1cea2d655/files/5c6f7a29-75a6-4d95-9d21-d86f7cbd1c20/PICA_Member_Guidance_on_Residential_Tenancy_Management_during_Covid_19_Pandemic.pdf