The Minister of Finance announced on 23 March 2020 a freeze of rent increases and an extension of no-cause terminations.
Confused about what needs to be paid to who at the beginning of a tenancy? A young house up to its rafters in questions about rent, bond and bills gets all the answers from his neighbour.
Rent, Bond & Bills (transcript)
New House: Hey, you got a moment?
Old House: I suspect it’ll take longer than that, but go ahead...
New house: What’s rent?
Old House: Rent is the money tenants give their landlord, every week or fortnight. It’s payment to live in a property, say, a smart little house like you.
New House: Gee, thanks! And what’s bond?
Old House: Landlords can ask for a bond before the tenants move in, which can be up to 4 week’s rent. They lodge it with Tenancy Services for safe keeping. It’s basically a security payment for any damages or unpaid rent.
New House: And who pays bills, or do they just build up and go soggy in the letterbox?
Old House: Tenants pay the bills for stuff they use; power, internet and all that. The landlord covers costs that affect the property itself, like insurance and rates.
New House: What’s that long green snake on the lawn?
Old House: Urrh…that’s the garden hose.
New House: Waah! It’s latched onto me! Get it off get it off get it off!
Old House: Tenants: pay your rent on time, every week or fortnight. If you’re paying rent weekly, you need to pay one week in advance. If fortnightly, two weeks ahead. Tenants and landlords should talk to each other if there are any problems.
Landlords must lodge the bond within 23 working days with Tenancy Services, or online at tenancy.govt.nz- it’s easy. Tenants pay for power, phone, internet, gas and things they use. Landlords pay for property insurance and rates. There’s more information on this website.