NZPIF response to New Laws regarding Smoke Alarms and Insulation
Investors see benefit in rental improvements
The NZ Property Investors Federation (NZPIF) believes that the announcements on tenancy conditions are reasonably balanced, ensuring better standards for tenants without causing a reduction in rental property supply or excessive rental price increases.
Over the years the NZPIF and associations around the country have sourced excellent prices for members on insulation and recently secured $45 smoke alarms for $25.
The NZPIF agrees with the Government that there is no compelling rationale for a broad Warrant of Fitness. The announced regulations will put pressure on rental prices, but significantly less than a full WOF.
“The new regulations appear reasonable” says NZ Property Investors’ Federation Executive Officer, Andrew King. “We have been saying for years that a full rental property Warrant of Fitness actually isn’t in the best interest of tenants. It is expensive to administer and comply with and would no doubt be added to over time with the potential to take some properties out of the rental pool”.
The new regulations place a higher requirement on landlords to know what they are doing when owning and managing a rental property. Government departments will have wider powers to prosecute rental property owners and managers and the penalties for getting it wrong have been increased.
“Rental property owners and managers are really going to have to increase their knowledge of the Residential Tenancies Act” says King. “It is going to be absolutely necessary to know your responsibilities as the bar for getting things wrong has been increased along with the cost. Property Investor Associations around the country provide advice and education to their members. Anyone who owns or manages a rental property should really belong, it could save them a fortune.”