1. Reintroduction of 90-Day 'No Cause' Terminations:
Landlords will once again be able to end a periodic tenancy without providing a specific reason. The previous Government removed this flexibility, but it's coming back, simplifying property management for many of you.
The change is intended to encourage more landlords to take a chance on a wider range of tenants, including those who might not have perfect references or a steady job.
2. Updated Landlord Notice Periods for Ending Periodic Tenancies:
The notice period landlords need to give to end a periodic tenancy is to be returned to 42 days in cases:
If a landlord or a family member of the landlord's family needs to move into the property.
If the property is typically used for housing employees, and a landlord needs to accommodate an employee.
If there is an unconditional agreement for sale that requires the property to be vacated.
3. Updated Tenant Notice Periods for Ending Tenancies:
Tenants will once again need to provide a 21-day notice to end their periodic tenancy.
4. Changes to Edning Fixed-term Tenancies:
A landlord will also be able to give notice to end a fixed-term tenancy at the end of its term without needing a specific reason, restoring more control to property owners.
Important Considerations:
While the legislation is set to go to Parliament in May, the new rules are unlikely to take effect until early 2025. It's crucial to stay updated as details might evolve.
These updates represent a significant shift back to previous regulations and fulfil part of National's pre-election commitments. Whether you're looking to expand your portfolio or manage your current properties more effectively, these changes are bound to have an impact.
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The information contained in this article is exclusively for promotional purposes. It does not in any way constitute legal advice and should not be relied upon as the basis for any legal action or contractual dealings. The information is not and does not attempt to be, a comprehensive account of the relevant law in New Zealand. If you require legal advice, you should seek independent legal counsel. myRent.co.nz does not accept any liability that may arise from the use of this information.
