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Victorian landlords and renters will be able to sign leases of more than 5 years.

The state government has announced that Victorian landlords and renters will be able to sign residential leases of more than 5 years.

The government says long term leases will provide stability for renting families and a secure income for property owners.

Speaking on 3AW Drive, Policy Officer at the Tenants Union of Victoria, Yaelle Caspi said it will suit older renters.

‘There are certain groups of tenants who are looking for this type of security, particularly older renters, those over 55 which is actually the fastest growing group in the private rental market.’ 

Director and property manager at the Real Estate Institute of Victoria, Leah Calnan, told Tom Elliott there is not a lot of demand for 5 year residential leases.

‘I think the stat we saw was about one percent.’

‘I think it’s just the way that society operates now, the average tenancy is actually 18 months’ she said.

Click PLAY to hear more from Yaelle Caspi?

Click PLAY to hear more from Leah Calnan

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