Your Tenancy
How your Rent will be Calculated
Cost rental rent is set to be at least 25% below private market rents in the area, offering affordability. It is calculated based on the cost of building, managing, and maintaining the property over a minimum of 40 years. Rents are linked to annual inflation.
Security of Tenure
You will have the benefit of long-term security of tenure. After the initial 6 months, once you meet your obligations with no breaches of your tenancy or arrears, you can continue renting your home for as long as you want.
Rights and Responsibilities
Your tenancy agreement outlines your rights and responsibilities as a tenant. It covers how long the tenancy will be, and the obligations and rights you have.
Residential Tenancies Legislation
As a cost rental tenant, you’re protected by residential tenancies legislation, providing the rights as private tenants. This includes access to the Residential Tenancies Board (RTB) dispute resolution process, and your tenancy must be registered with the RTB.
Rent Reviews
Your rent must be at least 25% below private market rents, and any increases are linked to inflation. Your tenancy agreement may tell you how often your rent will be reviewed; otherwise, general rules stop reviews within the first 12 months and not more than once every 12 months after.
Changes in Circumstances
Your circumstances might change during your tenancy, such as an increase in your households income. The good news is you can continue renting the property without having to move out.
Notice of Rent Review
You will receive notice of a rent review, including specific information about the new rent. If you disagree with the new rent, you can bring the matter to the RTB within 28 days of receiving the review notice.