‘No let­ting fees’ ad­verts ap­pear in rental mar­ket

The Press - - Business -

Prop­erty man­agers ap­pear to have al­ready ad­justed to next week’s ban on let­ting fees, by ad­ver­tis­ing rental homes as hav­ing ‘‘no let­ting fees’’. A ban on let­ting fees comes into force on De­cem­ber 12 and al­ready rental ad­verts are em­pha­sis­ing that the land­lord will cover the fee or that no fee will be charged. One agent said ten­ants needed to know that they didn’t have to wait for the ban to come in and po­ten­tially miss out on a prop­erty. Hous­ing Min­is­ter Phil Twyford be­lieves the ban will pre­vent the han­dover of up to $47 mil­lion in pay­ments that he said had ‘‘no eco­nomic ra­tio­nale’’. How­ever, the jury is still out on whether the fee will ef­fec­tively be trans­ferred onto land­lords and then passed onto ten­ants in the form of higher rents.

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