Property managers/owners must offer tenants/residents at least two options to pay rent. One of these options must not exceed reasonable transactional costs (costs beyond standard transaction fees), and it must be reasonably accessible to the tenant/resident.
Fees charged by a third-party rent platform for using the platform may be considered unreasonable transaction costs.
This means that if a third-party rent platform charges fees to tenants/residents for paying their rent using the platform, another method of paying rent must be offered by a property manager/owner that is:
- a platform that does not cause a tenant/resident to incur costs (beyond standard transaction fees); and
- reasonably accessible to a tenant/resident, (the circumstances of each case dictates what is considered reasonably accessible).
Before signing a tenancy agreement, property managers/owners must provide a written notice outlining any associated costs incurred by using the payment methods offered. This is because property managers/owners should be aware of costs associated with the offered payment methods, especially if these costs are not reasonably known by the tenant/resident. Failure to comply is considered a breach of the Act, with a maximum penalty of 40 penalty units.
Additionally, from 1 May 2025 property managers/owners must disclose any financial benefits they may receive if the tenant/resident uses a specific rent payment method.
For example, if a property manager/owner receives an incentive payment from a third-party platform or a share of the fees charged by the platform, it must be disclosed to the tenant/resident upfront. Non-compliance is also considered a breach of the Act, with a maximum penalty of 20 penalty units.