Property managers could one day deal with tenants on ultra-long leases as part of a series of proposed reforms to rental laws.
The Victorian government has initiated a review of the Residential Tenancies Act 1997, which it said was designed to better protect renters and landlords.
“The comprehensive review will ensure rental laws protect the rights and responsibilities of tenants and landlords across all forms of rental accommodation now and in the future,” the government said.
“The Labor government will focus on key issues including the viability of longer-term leases of five to 10 years, and protections for people who are older, living with disabilities and who live in caravan and residential parks.”
Advantage Property Consulting associate partner Brant Williams welcomed the government’s decision to put long-term leases on the table.
“While some tenants, such as Baby Boomers, will prefer the stability of a 10-year lease, a majority of renters would be afraid to commit for that long,” he said.
“We already face challenges trying to get tenants to sign a 12-month lease as they are unsure of future travel or work plans, or are on the hunt for a home to purchase for themselves.”
Mr Williams said he would be interested to see how landlords and tenants take up the option should it be initiated.
[Related: The shifting market]