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Promoting stable tenancies gets investor support


23 August 2003 Media Statement

Promoting stable tenancies gets investor support

Housing Minister Steve Maharey is welcoming the NZ Property Investors Federations’ (NZPIF) endorsement of a new package of residential tenancy initiatives.

With more New Zealanders renting a home as a long-term option the government believes it is important to ensure tenancy arrangements ensure a positive relationship between landlords and tenants. To support this goal the government and the NZPIF have worked cooperatively to develop a package of initiatives for people renting private sector accommodation.

The package includes:
- improved support for creditors who have received orders in their favour through the Tenancy Tribunal but are having difficulty locating the debtor;
- more practical assistance for Work and Income clients seeking to maintain a tenancy where their landlord is taking them to the Tenancy Tribunal;
- developing better access to public records held by the Tenancy Tribunal to assist both landlords and tenants making tenancy decisions; and
- landlord seminars to spread best practice.

Speaking at the Federation’s national conference in Auckland this morning, Steve Maharey said it is important to achieve a better balance in the landlord-tenant relationship.

“The package announced today is aimed at promoting stable tenancies in the residential property sector. For landlords this means a steady rental income and a well cared for asset; for tenants it means a secure, safe and well maintained home.

“The number of private rental homes grew by 24 percent between 1996 and 2001, making up 74 percent of the total rental housing stock at the time of the 2001 census. The housing sector is changing and the government wants to ensure New Zealanders are adequately housed and landlords and tenants are properly protected.

“The Residential Tenancies Act is now 17 years old. At the time it was passed it was seen as trail blazing legislation designed to strike a balance between the rights and responsibilities of landlords and tenants. In view of the significantly changed rental housing market of today the government has also decided to look at the regulatory framework the Act provides to see whether it needs amendment. We will be consulting with the Property Investors Federation and other landlord and tenant groups as part of this process to ensure we improve property management practices across the rental housing sector,” Steve Maharey said.

NZPIF President Craig Paddon said the package offered workable solutions to some of the key concerns held by many landlords about the way the tenancy law works for them.

“We’ve worked hard with Ministry officials and through our membership to push the issues the package addresses and this is an important step forward for all landlords in addressing the key issues of concern for many investors,” Craig Paddon said.

ENDS

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