Latest news with #rentincrease
ABC News
2 days ago
- Business
- ABC News
Queensland government to begin social housing rent reviews to free up spaces for those in 'most need'
Social housing recipients in Queensland earning more than they should will soon be evicted from their homes to make way for new tenants. The state government claims there are some recipients earning well above the income limit that determines who is eligible for social housing. This includes a couple in Brisbane taking home more than $200,000 a year while paying less than $200 a week to live in their social housing unit. The government says another family in Townsville is paying less than $190 per week in rent despite earning an annual income of more than $160,000. From July 1, the government will launch annual rent reviews to determine if social housing recipients are still within the income limit. In Queensland, the income limit for a single person with no children is $609 per week, while for a couple it is set at $755. Tenants pay 25 per cent of their income. Those who are found to earn more than the limit will be charged at market rental rates, before they are evicted and transitioned to other housing options. Tenants who are within the housing limit but not paying 25 per cent of their income will have their rent increased, but the increase will be capped at $15 per week. Housing Minister Sam O'Connor said the government wants to make social housing available for vulnerable people and families. "We're empowering our housing officers to do what they do best — support the Queenslanders who most need a roof over their heads," he said. "These are long overdue changes to fix the system so it's better targeted to help the people who need housing most." In a bid to free up properties that are underoccupied, the government will also introduce a scheme to incentivise tenants to downsize to smaller social homes. The government hopes this will allow more families to move into social housing. The incentives will include rent free periods, as well covering the costs of removalists. The government estimates thousands of bedrooms in the state's social housing stock are vacant. About 50,000 people were on Queensland's social housing register as of December last year.
Irish Times
2 days ago
- Business
- Irish Times
Rent controls to be eased for new builds in planned ‘pressure zones' reform
Restrictions on rent increases are to be eased for newly-built homes but the current caps would remain in place for existing tenancies under plans to be considered by the Government this week. Decisions on the major overhaul of the Rent Pressure Zone (RPZ) system are expected to be made by the Coalition over the next 48 hours. Any easing of the RPZ system is likely to be politically contentious and will be closely scrutinised by Opposition parties. The reforms are being considered following a review of RPZs which was introduced in 2016 to cap rent increases in areas where there is a high demand for housing and rental homes. READ MORE Under the current system, rent increases in locations designated as RPZs cannot be greater than the rate of inflation or 2 per cent – whichever is lower. There has been some concern that the RPZ system has negatively impacted on the level of private investment in new housing developments. Under the proposals being considered by Government, the current RPZ annual caps would not apply to new buildings constructed after a certain date – a measure aimed at increasing private sector investment to deliver more housing. The Irish Times understands that rents in the new-builds would instead be tied to inflation. The current rent increase cap of 2 per cent annually would remain in place for existing tenancies, though landlords would be able to change the rents between tenancies, something they currently are not allowed to do. The changes to the RPZ system would be accompanied by enhanced protection for renters in relation to security of tenure amounting to a minimum of six years. There would be a restriction on no-fault evictions during this six year period – a measure that will require legislation. The landlord would be allowed to reset the rent every six years to the market rate. The Coalition leaders and senior Government ministers are expected to discuss the plans during a meeting on Monday evening. Ultimately the proposals would then go to Cabinet on Tuesday morning for a final decision. A Housing Commission report, published last July was critical of RPZs and proposed changing them to a 'reference rent' system that pegs rent increases to nearly homes of a similar quality.
The National
3 days ago
- Business
- The National
UAE Property: ‘Can my landlord evict me for not agreeing to a rent rise?'
Question: I have been renting a villa in Dubai for the past three years, and my tenancy contract is due for renewal in a couple of months. My landlord has just informed me that he intends to increase the rent by 15 per cent, which seems excessive. I checked the Real Estate Regulatory Agency's rental index, and according to it, my current rent is already within the acceptable range for similar properties in my area. I've raised this with my landlord, but he insists on the increase and says if I don't agree, he will not renew the contract. I've always paid rent on time and maintained the property well. Do I have any legal recourse in this situation? Can he evict me just because I'm not agreeing to the rent hike? CT, Dubai Answer: Under Dubai's tenancy laws, specifically Law No. 26 of 2007 as amended by Law No. 33 of 2008, landlords cannot arbitrarily increase rent beyond what is permitted by the Rera. The new smart rental index is the official tool that governs permissible rent increases and any proposed rise must fall within the parameters it outlines. If your current rent is already within the acceptable range compared to similar properties in your area, and the index confirms that a 15 per cent increase is not justified, then the landlord cannot legally impose such a rise. Furthermore, the landlord must provide a minimum of 90 days' written notice before the renewal date if he intends to amend any terms of the contract, which obviously includes the rent. If he has failed to do so within this time frame, the existing terms – including the current rent – will automatically carry forward into the new lease term. Regarding eviction, the law is clear: a landlord can only evict a tenant for specific reasons, such as wanting to move in themselves or to sell the property. These reasons must be supported by proper documentation. Even then, they are required to provide at least 12 months' notice through a notary public or registered mail. In your case, if the landlord is threatening to evict you purely because you are not accepting an illegal rent increase, this would not stand in front of the Rental Dispute Settlement Centre (RDSC). You have every right to challenge such a demand and I would encourage you to gather all communication in writing and, if need be, file a complaint with the RDSC to uphold your rights. Q: I'm based in London and am considering buying a property in Dubai as an investment. While I'm familiar with the sale prices, I want to make sure there are no hidden costs or taxes that could catch me off guard. What additional costs should I expect when purchasing a property in the UAE, especially in terms of government fees, taxes and continuing expenses? GC, London A: The UAE, and particularly Dubai, remains one of the more attractive property markets globally due to its relatively low transaction costs and absence of annual property taxes. However, there are still several upfront and continuing costs you should be aware of: Upfront costs Dubai Land Department (DLD) fees: This is the most significant government-related cost. The DLD charges a 4 per cent transfer fee on the property's purchase price, plus an administration fee (typically Dh580 for apartments/villas). Agency commission: If you use an estate agent, expect to pay around 2 per cent of the purchase price as a commission. Trustee office fees: These are the service centres that process the legal transfer. The cost is around Dh4,000 for properties above Dh500,000 (and Dh2,000 for those below that threshold). Mortgage registration fee: If you're borrowing to buy, the DLD charges 0.25 per cent of the loan amount, plus Dh290 in admin fees. Valuation fee (for mortgages): Lenders typically charge around Dh2,500 to Dh3,500 for property valuation, paid by the buyer. Developer's NOC fee: For secondary market purchases, the developer must issue a no objection certificate (NOC) to transfer ownership. This usually costs between Dh500 and Dh5,000, depending on the developer. Continuing costs Service charges: These are annual fees paid by property owners to maintain the building or community (covering cleaning, security, landscaping, etc.). Charges vary widely by project and are calculated per square foot. Maintenance/repairs: These are not regulated and depend on the age and condition of the property. It's wise to budget for unexpected repairs. One of the major benefits in the UAE is that there is no annual property tax on owned real estate or any tax on selling the property either, making it an appealing investment environment. That said, if you let the property, you may need to consider income from rent in your home country's tax filings, depending on your residency status and tax obligations abroad. In conclusion, while there are no hidden taxes, the combined cost of these fees can total between 7 per cent to 8 per cent of the property price, so it's important to budget accordingly.
Telegraph
6 days ago
- Business
- Telegraph
Rents to surge £900 to pay for Labour reforms
Labour's rent reforms will add almost £900 a year to the average tenancy, a report has warned. Nearly half of Britain's buy-to-let landlords (44pc) plan to increase rents in response to the controversial Renters' Rights Bill, according to research by housing lender Landbay. The landmark legislation, due to kick in this autumn, will limit landlords to just one rent increase per year capped at the 'market rate' – the price that would be achieved if the property was newly advertised to let. Landbay said property owners were planning to increase rent by an average of 6pc, which would add £74 to the average monthly rent, or £888 a year. The survey also found that the majority of landlords (89pc) intended to raise rents in the next 12 months. More than a third (40pc) planned to increase rents by 3pc or more over the next 12 months, while over one in 10 (11pc) said they did not intend to put up rents at all. The Renters' Rights Bill will introduce new protections and rights for the 11 million private tenants in England by reforming the current system of renting. An end to fixed-term tenancies, longer notice periods, and restrictions on rent increases will give tenants more rights and landlords less control over how they manage their property and buy-to-let business. The bill is currently being scrutinised in the House of Lords. The Government aims for the reforms to receive Royal Assent by summer 2025, with implementation expected between October and December this year. The National Residential Landlords Association (NRLA) argued that the bill could force landlords out of the sector and push up rents if it is passed in its current form. Chris Norris, of the NRLA, said the 6pc rent increase figure was consistent with the NRLA's estimates that the Renters' Rights Bill would trigger rent rises of 3pc to 4pc above inflation. He added: '[The bill] is likely to affect tenants directly in many more ways than landlords. 'You have the prospect of tenancies becoming more risky, harder to end – and you have to wait longer to claw back arrears. 'Landlords will be pricing in that risk when setting rents.' A recent survey by Pegasus Insight showed that 37pc of landlords planned to sell a property in the next 12 months while just 6pc said they intended to buy. Rents in England rose by 1pc in May to £1,226, the highest level since October 2024, according to letting agent software firm Goodlord's rental index. William Reeve, Goodlord's chief executive, said: 'Although the pace of year-on-year increases is starting to slow… ongoing supply issues coupled with landlord jitters ahead of the Renters' Rights Bill means that rents remain on track to rise for the foreseeable future.' The Government was approached for comment.
CBS News
27-05-2025
- Business
- CBS News
NYC Rent Guidelines Board votes to lower range for rent increase on 2-year leases
New York City's Rent Guidelines Board held a rare revote on Tuesday morning and decided to amend the proposed range by which rents could be raised for millions of city residents living in rent-stabilized apartments. To be clear, the revote was not for the final rent increase. That final vote will be held at the end of June. Here's what the Rent Guidelines Board decided The nine-member board, appointed by the mayor, voted 6-2, with one member absent, to lower the proposed range for two-year lease increases to between 3.75% and 7.75%. That's down 1% from last month's preliminary vote, which was on a range of 4.75% to 7.75%. Proposed one-year lease hikes remain unchanged at between 1.75% and 4.75%. The revote followed public outcry, internal pushback and criticism from Mayor Eric Adams, who called the previous range "too unreasonable a burden" for tenants. "That's not enough. Tenants this year need a rent freeze. We've had unprecedented increases in landlord profit -- 12% from the previous year. Landlord profits are up, and tenant wages in experiences are down," said Charlie Dulik, director of organizing at nonprofit Housing Conservation Coordinators. Landlords claim they can't keep up with rising costs Manhattan Isaac Rabinovitch said he owns a small, four-unit building, and that he's not a big landlord or developer. He claims he loses money every year just trying to keep up. "The Rent Guidelines Board data clearly show owners need a 6% to 7% increase just to keep up with the rising costs from the city," Rabinovitch said. "We've seen our property tax bills go up 8% or more year over a year. The water board is currently voting on a 3.7% water increase. We're seeing Con Ed raise their rates by 11%." Meanwhile, the New York State Tenant Bloc says the board's own report shows landlord income rose 12% last year -- the biggest jump in three decades. The final vote on the exact increases is scheduled for June 27. Until then, public hearings will be held.
