Rental bidding set to be outlawed in NSW
Rental bidding, which is flourishing amid low vacancy rates and rising interest rates, is set to be banned in New South Wales.
Rents continue to rise as housing supply dries up. (Image source: Shutterstock.com)
Rental bidding is set to be outlawed in New South Wales by Christmas.
Under the proposed changes, prospective renters won't be able to offer a higher price than what's advertised to secure a property.
Rental bidding has become more widespread amid a national rental crisis
.It occurs tenants, desperate for a place to live amid the severe shortage of rental accommodation, feel they have no choice but to offer to pay more than the asking rent.
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