Solicited rent bidding to be illegal in NSW
The NSW Government has banned solicited rent bids and changed the rules for how rental properties can be advertised.
The new rules started on Saturday, 17 December 2022. If you are an agent:
- you cannot solicit rental bids. Soliciting a bid is when an agent invites a prospective tenant to increase their offer of rent higher than the advertised price for the residential property
- you must advertise a fixed rental price on new residential property listings. Agents can no longer give a price range, such as $500-$550, or use text such as ‘offers from’ or ‘by negotiation’. This applies to property listings published on or after 17 December 2022.
These rules only apply to agents, not landlords.
The rental price does not need to be on signs on or near the property. As an agent, you can accept a higher rental offer if it is made freely and voluntarily by prospective tenants.
The property rental market is tight and rents are rising at a time when the cost of living is also increasing. The NSW Government introduced these urgent changes to the regulations under the Property and Stock Agents Act 2002 to better define acceptable practice for agents and give customers more confidence and certainty as they look for accommodation.
More information on the new rules is on the NSW Fair Trading website.
Originally published by NSW Government Department of Fair Trading
