The real estate landscape is constantly shifting, and understanding these changes is vital for both landlords and tenants.

In our latest podcast episode, we delve into the recent modifications to the Residential Tenancies Act that will directly impact how rental properties are managed.

Summary of changes outlined in the RTAA 2024 primarily pertain to: Tenancy Terminations – Source REINZ

• Landlord can terminate a periodic tenancy by giving least 90 days’ notice without providing a reason.
• Landlord can end a periodic tenancy on certain grounds with 42-day notice period. For example, under an unconditional sale and purchase agreement of a tenanted residential property requiring vacant possession.
• Minimum notice period a tenant must give to end a periodic tenancy has now been decreased to 21 days.
• Landlords (90 days) or tenants (21 days) can give notice to end a fixed-term tenancy without providing a reason.
• Minimum notice period a tenant must give to renew or extend a fixed-term tenancy is now 21 days.
• These changes will take effect on 30 January 2025.
• Note: If a termination notice was issued before 30 January 2025 by either the landlord or tenant, then that notice remains valid and cannot be replaced with a different notice period by that party. For fixed-term tenancies that started on or after 11 February 2021 and expire on or before 30 April 2025, the law before these changes will still apply. For fixed-term tenancies that expire on or after 1 May 2025, the new law will apply.

We aim to equip you with the tools necessary for navigating the complexities of real estate.

Whether you're a landlord, tenant, or prospective investor, understanding these changes can empower you to make the most informed decisions possible in the competitive property market.

Ray White Wānaka is situated at Sir Tim Wallis Drive Wānaka. Find out more here.

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