The current rental crisis is hitting Australian pockets’ hard. In just the past year, several areas have experienced rent hikes of up to 20% and while the Government’s cost of living relief package does look promising, renters are advised to stay vigilant.

While we all wait to see how much pressure is relieved for renters, we have created a list of practical tips to help you curb excessive rent hikes.

Know Your Renter Rights

Knowledge is power, and power can mean keeping a roof over your head. One of the best ways to manage rent increases is to know your renter rights. Australian law has protections in place for renters against predatory landlords and unfair rent practices.

Review Your Lease Agreement

Go through your lease agreement carefully. Some leases have specific clauses about rent increases, like how much and how often the rent can be raised. By learning these details by heart, you gain a strong position when negotiating with your landlord.

Know the Legal Limits

Each state and territory in Australia has its own rules about rent increases. This outlines how much notice your landlord must give you and how often they can raise the rent. These regulations prevent landlords from charging exploitative prices.

For instance, in New South Wales, landlords must provide at least 60 days written notice before increasing rent for a periodic lease. On the other hand, in Victoria, landlords can only increase rent once every 12 months. 

Dispute Unfair Increases

If you think your rent increase is unfair, you can dispute it. Every state has a tenancy tribunal where you can file a complaint and negotiate a fairer rent or possibly stop the increase altogether.

Explore Alternative Properties

Think outside the box and look at different housing options:

• Consider moving: Moving can be a hassle, but sometimes it’s worth checking out less expensive neighbourhoods or nearby towns where rents are more stable. You might find that just a short distance away, prices drop significantly.
• Shared housing: Thousands of Australians have made the move to shared living as a means of reducing their rental costs. Sharing the cost of rent, utilities, and other household expenses can make a big difference in your monthly budget. 
• Flexible lease terms: Look for places that offer flexible lease terms, like month-to-month agreements. If the rental market improves or if you find a better deal, you won’t be stuck in a long-term lease. 

Build a Relationship with Your Landlord

Photo by Tierra Mallorca on Unsplash

Building a good relationship with your landlord can pay off. You can give regular updates and friendly check-ins to build trust and goodwill. When you create a positive impression, your landlord is less likely to want to raise your rent or will be more open to negotiations because they’ll see you as a valuable tenant.

Shannen Findlay and her housemates found themselves in a tight spot that many renters in Australia might find all too familiar. They were living together in a shared house when suddenly they were faced with a hefty $200 increase on their weekly $1000 rent for their four-bedroom home. 

So, they rolled up their sleeves and started learning all they could about negotiation tactics. It turned out to be a successful move—they managed to negotiate an agreement that allowed them to stay with only minimal increases in rent for the next two years.

Budget Wisely

Wise budgeting can go a long way during a rental crisis. To start, track your cash flow and keep a detailed record of your expenses. This way, you can spot areas where you might be able to cut costs.

If you can, set aside some savings specifically for housing costs. Building an emergency fund can give you a buffer if your rent goes up suddenly or if you need to move on short notice. Having this safety net can reduce a lot of stress.

Explore Additional Workstreams

If you feel like your current income is not enough to cope with rising rental costs, it may be worth exploring additional income streams.

You can take on a side job or freelance work. Many people are finding success with gigs in areas like writing, graphic design, or even driving for rideshare companies. Another option is to turn a hobby into a money-making venture. Do you enjoy crafting, baking, or photography? Platforms like Etsy or local markets can be great places to sell your creations. 

If your lack of budget stems from overwhelming debt, seek professional financial counselling.

Debt Relief With Debt Negotiators

Keeping up with rent and other bills can sometimes feel like too much. Debt Negotiators are here to help. We have a wide range of debt relief solutions to help you during these challenging times.

Talk to us today to find out your options. You can also get a free debt assessment to start.