With the spring rental season now in full bloom, the Minns Labor Government is encouraging renters across NSW to take full advantage of the cost-of-living tools it has delivered. This includes Smart Rental Bonds, the latest way the Government is helping to put money back in renters' pockets.
Renters are on the frontline of housing affordability stress. As families and communities continue to feel this pressure, these tools are designed to save them money and make their lives easier.
Spring is typically the busiest time of year for rental listings in Sydney, with an average of around 39,000 new rental listings during this season. Based on last season's trends, regional NSW will also see an influx of around 14,000 new listings.
Insights from the Government's first Rental Reforms Impact Analysis earlier this year indicate that rental activity across NSW has continued in line with historical trends, showing no significant evidence of negative market disruption since the reforms were passed. Since October 2024, there have also been more bond lodgements than refunds indicating stable replacement rates. Investor lending for new rental homes continues to grow.
Do away with the 'dreaded double bond' by using Smart Rental Bonds
Every renter in NSW can now avoid having to find thousands of dollars for a second bond when they move home, with the Minns Labor Government's Smart Rental Bonds now in full-swing statewide.
In a state-first, the new scheme allows renters to transfer their existing bond from one property to the next. Renters can use Smart Rental Bonds through a few easy steps:
- Renters will be notified once a landlord or agent lodges a bond request online.
- The renter logs onto Rental Bonds Online and chooses to either pay their new bond upfront or use Smart Rental Bonds to move their existing bond to the new property. They will then pay a small fee of $25.
- If the new bond is higher than the old one, the renter will need to pay the difference - but if the bond is cheaper, they will get the difference back provided there is no agreed claim on the bond.
- If a landlord at the original property makes a finalised claim on a bond, the NSW Government will pay the landlord upfront. The renter will then repay the Government, meaning landlords face no financial risk.
The Minns Labor Government has helped over 2,700 renting households save thousands of dollars when moving home with more than $7 million worth of bonds transferred through Smart Rental Bonds since its statewide launch last month.
Check prices using Rent Check
Searching for a new home can be stressful and overwhelming. Renters can make sure they're not paying more than they should for a new property by using the popular Rent Check website.
Just over two years since its launch by the Minns Labor Government, Rent Check helps level the playing field for renters by providing suburb-level rental pricing information. It gives renters the knowledge they need to assess whether a rental property is competitively priced and potentially negotiate a fairer price with a landlord.
Rent Check compares up-to-date weekly rents by NSW postcode across metropolitan and regional locations using rental bond data, ensuring the tool provides a realistic indication of rent prices.
Renters just need to enter a postcode and answer questions about whether the home is a unit or house, how many bedrooms it has and the current rent, or price they are willing to pay for a property.
More than half a million people have accessed Rent Check since it was launched in 2024.
Know your rental rights
In addition to these practical tools, the Minns Labor Government has made landmark reforms to save renters money. Renters should know that it is now illegal for landlords and agents to increase their rent more than once per year, and that renters must be guaranteed fee-free ways to pay their rent.
One year on from the Government's landmark rental reforms, the NSW Rental Taskforce has also returned more $180,000 to renters stung by illegal rent payment and background check fees.
The Minns Labor Government has now delivered on all its commitments to make renting fairer in NSW. The Government has also:
- Banned no-grounds evictions.
- Made it easier to have pets in rentals.
- Made changes to support victim-survivors of domestic violence.
- Passed legislation protecting renters' privacy.
- Established the NSW Rental Commission to enforce these landmark reforms.
Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:
"The Minns Labor Government was elected with a mandate to make renting fairer for the people of NSW - we have made progress, and we've delivered on all our promises.
"We know so many renters are doing it tough in the tight housing market, and we understand that frustration. This spring season, we want renters to take full advantage of the cost-of-living measures available to them.
"From initiatives like Rent Check and Smart Rental Bonds to our landmark law reforms, these are the kinds of changes that only a Labor Government can make - and the first that the Liberals or One Nation would cut.
"We know this does not solve everything, and that there is more work to do. But this is all about delivering practical changes to take pressure off household budgets.
"The Minns Labor Government is pulling every lever to make a real difference in renters' lives."
