In a meeting, leaders agreed on a new national rent control system that retains a 2% cap on existing tenancies. However, newly built homes will have rent increases pegged to inflation. The entire country will be designated as Rent Pressure Zones (RPZ), benefiting previously unprotected tenants. Enhanced security for renters will eliminate no-fault evictions from major landlords. Despite recommendations for reforming RPZs by the Housing Commission, the new measures intend to encourage more private investment in rental properties.
The newly agreed national rent control system seeks to bolster private sector investment by changing how rent caps are established for new homes, linking them directly to inflation.
Leaders' decision to categorize all areas as Rent Pressure Zones (RPZ) will now extend rent protections to a significant portion of tenants previously unprotected.
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