The gist of the legislation
A property manager can’t ask for or encourage prospective tenants to bid more than the advertised rent for a property.
The important parts, at a glance
We’ve picked out the key parts of the legislation and made them as easy as possible to read and understand.
1.
Rent bidding is where applicants for rental properties offer or are asked to pay rent above the advertised rental price in an attempt to secure the property.
2.
Rental properties must be advertised at a fixed amount, not a range.
3.
Rental properties can be offered at different rental prices based on specified inclusions i.e. Including basement carparking or excluding basement carparking.
4.
Tenants are still allowed to offer to pay amounts above the advertised rent if they want to.
5.
Landlords can accept higher offers, where a tenant makes the offer on their own initiative.
6.
If a prospective tenant asks if anyone has offered more than the advertised price for the property or more than an amount they have just offered, the property manager cannot legally answer this question.
