#LANDLORD SOLAR REBATE

[beat-energy]

How Solar Panels Can Increase Rental Property Value?

Discover how the installation of solar panels on rental properties can significantly boost their value. With the rising demand for environmentally-friendly solutions, investing in solar panels can yield substantial returns and elevate the overall market appeal of rental properties.

[springersolar]

2. Is Solar Worthwhile for Investment Properties?

Installing solar panels on rental properties can be beneficial for landlords and tenants. Key advantages include increased property value, making the property more attractive to potential tenants, lower electricity bills for tenants, the potential for increased rent, and faster property sales. However, challenges include significant upfront costs, extended ROI periods, and landlords not benefiting directly from lower energy bills. Strategic approaches, such as leveraging rebates and tax incentives, can mitigate these challenges and make solar installation a sound investment.

For further details, visit the full article here http://www.springers.com.au/blog/solar-updates-1/is-it-worth-putting-solar-on-your-investment-property-120

[ohioelectricityrates]

Shop Energy Saving Appliances in Ohio This July 4!

New Post has been published on https://www.ohenergyratings.com/blog/shop-energy-saving-appliances-in-ohio-this-july-4/

Shop Energy Saving Appliances in Ohio This July 4!

Grab Energy Savings Long Term

Shop the best energy saving appliances this July 4! Check out these tips on where to find rebates and info on federal tax credits that help you save more!

This summer is a great time to start looking for new EnergyStar appliances! Regardless if you’re living in an apartment, renting a home, or own your own. Energy efficient appliances are a great way to cut down on your electricity usage. This in turn lowers your monthly bills to Ohio electric suppliers, and that can save you money in the long run. You may also find that there are some other benefits to upgrading appliances that you didn’t know about before! Let’s find out how to save more on shopping for energy saving appliance this July 4!

Energy Saving = Money Saving

EnergyStar appliances are widely available and plentiful. This includes everything from battery back up systems for your computers to washers and dryers. Now, energy efficient appliances may seem expensive to begin with, but with rebates and incentives, you can drastically cut their price. And while Ohio does not have any state incentives, and utility rebates are tied up in the aftermath of HB6, the federal government has a slew of incentives you can take advantage of! 

Save On Taxes With Energy Saving Improvements

Currently, you can update your home and use the Energy Efficiency Home Improvement Credit. This tax credit is limited to your main home. It must be an existing home so new builds don’t qualify. This way, you can claim the maximum annual limit each year, and get even more out of your efficiency upgrades!

If you’re looking for more of an investment, you can take advantage of the Residential Clean Energy Credit. This credit is for new or existing builds, and credits you after putting in solar, wind, geothermal, fuel cells, or battery storage technology. The credit is up to 30% of the installation price, depending on when you’ve had it installed. You cannot claim this credit if you rent the home out.

Energy Savings For Those Who Rent

Stuck with what your landlord has given you? That’s ok! Certain stores offer their own rebates on EnergyStar rated appliances. That’s actually good news because it means competing brands will try harder to sell you something. So shop carefully. The form of the rebate will probably vary, so also be sure to check the fine print when you are shopping around.

And while you don’t qualify for many of the federal tax credits as a renter, the energy savings you get from better sealing your doors and windows, and reducing your usage can make up for that. 

Save More In Different Ways

Fourth of July sales are great for hunting down new appliances. But they aren’t the only way to save in July. Amazon is holding their Prime Day sale on July 9th. You can score deals on EnergyStar rated items for your home, or snag other energy saving items. But, the best way to save on energy is to shop for the best electricity rate. You can find tons of deals across Ohio. Shop for plans that fit your family’s needs at www.ohenergyratings.com to learn more.

[providenceproperty]

Property Upgrades And Renovations: The Golden Ticket For Landlords

As a landlord in the UK, one of your core responsibilities is to offer accommodation that is fit for human habitation. This means, going beyond the basic, bare minimum in terms of safety, comfort and cleanliness.

Tenants too are a savvy lot and are less likely to accept mediocre facilities, especially given how expensive the rental property market has become in the last few years. According to a recent study, approximately 75% of tenants claimed that they would not mind shelling out a slightly higher rent for a property that has been renovated. The rental market in the UK is extremely competitive and having an edge over peers can prove invaluable in the long run.

In this article, we’ll take a look at how timely upgrades or renovations can benefit your return on investment and help you maximise your earnings as a landlord.

Beat The Competition

An empty property means lower profits. Keeping your property investment looking new and attractive will significantly reduce chances of long vacancy periods when you are looking for new tenants. When assessing the current state, make sure you take different factors into account.

Higher Rental Values

Properties that look significantly better than others in the same locality are better positioned to charge more. The most common property upgrades and renovations include painting, decorating, flooring, and installing new kitchens and bathrooms. The money spent on making any of these upgrades in your rental property can be easily recovered with the increased rent income.

Better Energy Efficiency

For most property owners, old or faulty wiring remains one of the main pain points with attracting quality tenants. In most places, local UK laws require a minimum e level on the Energy Performance Certificate (EPC) rating scale. Consider other replacements such as draughty windows or installing a solar-powered or energy efficient boiler to reduce utility bills. Moreover, tenants are becoming environmentally conscious and looking for rental homes that support their lifestyle. This only means a higher EPC rating will help you attract quality tenants while keeping your property compliant with local laws.

Lower Ongoing Costs

New appliances and updating energy systems directly translate to better efficiency and performance. Which means the chances of sudden breakdowns are significantly reduced. It is a win win for all, tenants get to live comfortably while the landlord enjoys lower costs of maintenance and upkeep.

Higher Property Value

Improvements to your rental property also translate to better value in case you wish to sell the property down the line. A well-maintained property will put you in a better position when the market is buoyant.

Enhanced Tenant Satisfaction

A property with modern fittings and upgraded fixtures is far more convenient to live in. For tenants looking to set up a home, such rental properties provide a greater sense of comfort and satisfaction. Because your tenants love living in your rental property, they are far more likely to renew their lease.

One significant aspect of being a good landlord includes investing in your tenants’ interests as a means to directly maximise revenue. A simple way to check whether your tenants will be happy to live in your rental property is to turn inwards – ask yourself if you would be content living in this space. Then ensure all the decisions you make for upgrades in your property answer a resounding yes.

Enjoy Tax Rebates

For landlords, renovations and upgrades made towards their rental property could actually help you save money. Allowable expenses include general repairs, regular maintenance costs as well as hiring services of cleaners or gardeners to keep your property looking clean and attractive.

Before setting out to do any kind of repairs or upgrades, it is important to have a proper plan and budget in place. Prioritising upgrades is crucial if you are working with a limited budget. In case you have a property management firm to take care of your property, be sure to rope them into your plans. Your plans to upgrade your investment will benefit greatly from the network of handymen and contractors that your professional property managers will round up. Adequate upkeep and renovations will help you attract and retain quality tenants, improve overall rental income, and safeguard your investment for years.

[umangotsolar]

Solar Panel Subsidy in UP: The Ultimate Guide to Solar Panel Subsidy in Uttar Pradesh

Solar Panel Subsidy in UP

In today's world, renewable energy sources like solar power have become essential to combat climate change and reduce our dependence on fossil fuels. To encourage the adoption of solar panels, the government of Uttar Pradesh has introduced a solar panel subsidy in the UP program. This program aims to financially support individuals, businesses, and organizations interested in harnessing the sun's power. Explore the benefits of solar panel subsidies and guide you through the application process.

The Uttar Pradesh government offers subsidies to offset the cost of installing solar panels. These subsidies help reduce the upfront investment required, making solar power a viable option for a wider range of individuals and entities.

The Solar Panel Subsidy in UP program is designed to make solar power more affordable and easily accessible for residents, promoting the adoption of clean energy and reducing reliance on traditional electricity sources. The government has implemented subsidies for home solar panels as part of this initiative, aiming to support and encourage the transition to sustainable energy solutions.

Benefits of Solar Panel Subsidy in UP

 Let's delve into the details of this solar panel subsidy programme:

Types of Solar Panel Subsidy in UP

1. Government Grants and Rebates

Many governments provide grants and rebates to offset the cost of solar panel installations. These financial incentives can significantly reduce the upfront investment required, making solar energy more affordable for residential and commercial consumers. Governments often collaborate with local utilities and energy agencies to administer these programs, ensuring that eligible individuals.

2. Tax Credits and Deductions

Tax credits and deductions are other forms of solar panel subsidy in UP, that individuals and businesses can leverage. These incentives allow taxpayers to claim a portion of their solar panel expenses as a credit against their income tax liability or deduct the expenses from their taxable income. By reducing the overall tax burden, these subsidies make solar panel installations more financially viable and attractive.

3. Feed-in Tariffs and Net Metering

Feed-in tariffs and net metering policies enable solar panel owners to sell excess electricity generated to the grid. Under feed-in tariff programs, electricity providers purchase surplus energy at a predetermined rate, ensuring a consistent income stream for solar panel owners. On the other hand, net metering allows solar panel subsidy in UP, owners to offset their electricity bills by crediting excess energy produced during the day and consuming it during periods of low sunlight. Both mechanisms provide financial incentives and encourage the widespread adoption of solar panels.

Eligibility and Application Process of Solar Panel Subsidy in UP

1. Residential Eligibility

Solar panel subsidy in UP for residential consumers are typically available to homeowners, renters, and landlords. Eligibility criteria may vary depending on the region and the specific subsidy program. Factors such as the property's age, energy efficiency, and the capacity of the solar panel system may influence eligibility. It is advisable to consult local authorities or solar energy experts to determine the specific requirements and application procedures.

2. Commercial and Industrial Eligibility

Commercial and industrial entities can also benefit from solar panel subsidies. These subsidies encourage businesses to invest in renewable energy, thus reducing their environmental impact and operational costs. Eligibility may be based on factors such as the size of the solar panel system, the type of business, and its energy consumption. Various subsidies cater specifically to small and medium-sized enterprises, making it easier for them to adopt solar energy solutions.

Benefits of Solar Panel Subsidy in UP

Whether you choose an easy solar transition with a low-priced 3kW with solar panel subsidy in UP or a larger capacity system, you can enjoy the following advantages of generating and using zero-cost, clean solar electricity. 

Sunshine is inexhaustible and available in abundance in most states without impediments. Putting a solar power plant in your UP home is a one-time investment that promises decades of low-cost power supply as high-efficiency solar panels promise daily output of energy for a lifespan of 25 years, after which they give less and less power.

Solar energy can offset a major part of your monthly grid usage or even eliminate energy bills. During peak sun hours, your system's solar energy output exceeds your home's daily electricity demand. The surplus generated is sold to the local grid for solar credits.

Process for Installing Solar panel system

If you plan to set up your home solar energy plant through the National Portal and avail of solar subsidy in UP, here is the procedure that you need to follow:

Step 1 – Registration

The National Portal for Rooftop Solar is the official platform launched for online processing and solar panel subsidy in UP disbursement. As a homeowner switching to solar, you must register on this online portal. 

Step 2 – Apply for Rooftop Solar

Once registered, you can log into your account anytime and submit the application for solar panel subsidy in UP.

Step 3 – Technical Feasibility Approval/TFR

Your local DISCOM company receives and processes your online subsidy application for technical feasibility. Approval is given if all the details furnished in the application are correct. Else, the application is sent back under rejection/correction.

Selection of Vendor and Plant Installation

Upon receiving an approved TFR status, you can finalize a registered vendor (a solar company impaneled with DISCOM). Selecting a registered vendor to qualify for a subsidy on solar panel systems in UP is necessary. Sign the ALMM declaration form with your vendor before proceeding to the plant installation. It's a model agreement prescribed by MNRE and works to protect consumers' interests.

Step 4 – Submit Installation Details

After your UP solar power plant has been installed per the technical specifications and standards mandated by the MNRE, submit the documents related to your RTS installation in the National Portal. Also, upload a photo of the applicant with the rooftop solar system. Thereupon, inspection and net-metering of the solar system are performed.

Step 5 – Inspection by DISCOM

DISCOM officials inspect your RTS plant on-site and ensure that the installation conforms to the MNRE's technical specifications and standards. After the successful inspection, the DISCOM officials install the net metering system.

Step 6 – Project Commissioning Status

The DISCOM official approves your solar panel subsidy in UP, application online upon successfully inspecting your RTS plant and integrating the net meter. A commissioning certificate is generated, which can be viewed in the applicant's account.

Step 7 – Subsidy/CFA Request

Once you have the commissioning certificate, you must provide bank details and raise the subsidy/CFA claim request online.

If the details are correct, the final subsidy/CFA amount is released directly into the provided bank account within 30 days of approval.

[elitesmartenergy]

Victoria expands Solar Homes program

Victoria’s Solar Homes program has been expanded by the State Government, allowing eligible landlords to apply for an interest-free loan in addition to the existing rebate available.

Landlords can apply and pay for the entire solar system themselves, or work with their renters for a loan repayment co-contribution of up to $19.27 a month. Victorian Minister for Solar Homes, Lily D’Ambrosio, said, “This is great news for the third of Victorians who currently rent their home and haven’t yet been able to participate in Solar Homes.  Northcote landlord Cass Dolby, who has already converted her home to solar power, installed solar panels on her rental property in late 2019, with the Solar Homes rebate making this financially viable. A comparison of the tenant’s bills from July 2019 and July 2020 show a saving of more than $120 for the same two-month period, thanks to the solar panels.Solar Victoria is encouraging renters to discuss rebate opportunities with their agents and landlords and has developed resources to support them. Source: Energy Magazine

[bridgeenergy]

Solar Panel Rebate Victoria - How to Qualify For a Solar Panel Rebate

The solar panel rebate Victoria offers a number of different programs to help homeowners and businesses cut costs. The program is very simple to qualify for and can be claimed at the time of installation. To get started, you will need to visit the rebate portal of Solar Victoria to sign up. Once you have registered, you will be emailed a QR code that can be scanned like a barcode. The QR code is your eligibility number.

The rebate is issued to Victorian households and businesses only. First-time solar installers can easily qualify for this program. Existing solar owners can also apply if they installed their system before 1 November 2009 and before the Premium Feed-in-Tariff came into effect. However, the maximum amount of subsidies available is still $2,225. The program also applies to pre-existing solar installations. The minimum and maximum PV capacity required to qualify for the rebate is 30kW.

While solar panels are a relatively low-cost investment, it can save a Victorian household up to $890 per year on electricity bills. As a landlord, you can apply to install solar panels at your rental property for a rebate on the cost of the property. Whether or not the system is installed by an owner corporation is largely up to you, but you'll need to show that the benefits will be passed on to tenants.

For more information visit us on  bessolar.com.au/

[advancedsolartechnology]

How to Choose a Solar Company

Solar energy is a long-term investment that reduces electricity costs and enhances property value. It also supports a greener planet and allows homeowners to sell excess power back to the grid. This makes it a smart energy choice for Perth residents.

Look for a company with accreditations and good reviews. You can also find out about available government rebates and incentives.

Cost

Making the decision to go solar is not only a responsible environmental action, but also a savvy financial move. All Perth residents are eligible for a federal rebate, which can reduce the cost of their system by up to $3,000 (after the STC discount). The best way to compare prices is to use a free comparison tool. Then, make sure to check that the quotes include the rebate and feed-in tariffs.

When comparing solar companies in Perth, it is important to consider their reputation and experience. Look for a company that has been around for a while, and which has a history of customer satisfaction. You should also choose a company that is an accredited retailer.

Mlec Solar is a highly respected solar energy company in Perth with a customercentric approach. They do not outsource their sales or installation services and are committed to a sustainable future for their customers. In addition, they offer a variety of packages that are designed to suit a range of different needs.

Efficiency

When looking for a solar company Perth, it is important to compare different factors including reputation, experience, and product offerings. These factors will help you select the best installer for your solar power system. The right solar company Perth will offer a wide selection of high-quality products, including panels and inverters from reputable brands, and provide excellent customer service.

The most reputable solar companies are certified by the manufacturer and offer a warranty on their products. They also offer ongoing maintenance and support services. They will help you choose the best solar solution for your home, based on your energy needs and goals.

Another important factor is how much the solar company charges for installation. The cost of installing solar is often offset by the savings you make from cheaper electricity. This means you’ll make money in the long run. In addition, solar installations on rental properties are tax deductible. This is a great incentive for landlords to allow tenants to install solar panels perth on their property.

Warranty

A solar company in Perth should offer a comprehensive warranty on their installed equipment. This includes the panels, inverters, and installation workmanship itself.

This will give you peace of mind that your investment is protected and you can enjoy a hassle-free experience.

The warranty should also include coverage against unexpected damage from environmental conditions, which is a key factor in Perth’s variable climate.

Moreover, the warranty should be valid for at least 25 years. Additionally, a reliable solar company should be able to offer after-sales support to their customers.

When choosing a solar company in Perth, it’s important to conduct research and compare the various options available. Considering reputation, experience, product offerings, and customer reviews will help you make an informed decision. Moreover, it is advisable to choose an installer that has a long history of satisfied customers. This will ensure that they are a trustworthy company and will be around in the future if you ever need to make a warranty claim.

Experience

If you are looking for a solar company Perth with excellent customer reviews, it’s important to check their history and product offerings. You can also use Google reviews to compare different installers. This way, you can select the best installer for your needs.

If a company has been around for 10 years or more, it has a proven track record and will have a diverse review profile. This is important because your warranty will only be valid if the installation company has been in business for a long time.

Mlec Solar is an experienced Perth solar energy installation company that prioritizes the customer. They offer competitive packages and a variety of products. They stock quality Tier 1 products from brands like Canadian Solar, Fronius, Growatt, Huawei, REC, LG, SunPower, and Sungrow. In addition to their solar products, they also offer home battery storage systems and system monitoring. They have an excellent Google rating and extensive experience in the Perth market.

[angelhealingjourney]

Queensland Solar For Rentals Rebate Trial Results

Queensland’s Department of Energy and Public Works has revealed some of the outcomes of a trial involving rebates for solar power system installations on private rental properties. Under the $4 million Solar For Rentals program, up to 1,000 landlords with properties in Bundaberg, Gladstone and Townsville had the opportunity to grab a rebate of up to $3,500 on the installation of a solar power…

[dosolarau]

1. Feed Your Contact And Quote Details – In the Solar Vic Website portal application, enter your email address and phone number and click on Next. On next page select your chosen solar retailer by typing in the name in the field, enter your quote number and your quote amount provided by your solar retailer.

2. Find Your Quote In The Portal – Once you fill up your contact & quote details, you will proceed to the quote details. Select the products whether its Solar PV System or Solar Battery. Also, confirm that the suburb and rebate type matches with a quote.

3. Applicant Details – Select your homeownership type, whether you are an owner or landlord.

4. Uploading Your Council Rates Notice – Upload your most recent council rates notice, To verify the rebate the property should be an existing property, valued at under $3 million.

5. Quote Verification – Once all your details and rates notice is abided, you will be verified to apply for the rebate.

6. Filling Up Homeowner Details – Enter the details of the homeowner listed on the rates notice, Upload a recent Notice of Assessment received from the Australian Taxation Office (ATO) to prove this information is accurate. Click on the box to confirm that you’ve have not applied for a rebate before.

7. Rebates And Loans Details – After Selecting your primary applicant and submitting the details, you will be advised of your rebate amount, loan amount and terms involved. If you are eligible for a loan, you’ll be offered the default loan amount of up to $2,225. You can accept or decline it.

8. Loan Details – If you select to apply for a loan, the terms and conditions will be listed and complete the customer declaration understanding the agreement. Confirm you want to enter the loan contract.

9. Bank Details – Enter your banking details of where the repayment will be withdrawn from.

10. Confirm Your Identity – To confirm that you are the homeowner, submit this application with one list of approved documents and upload it. Submit these documents to confirm your identity.

11. Confirmation – To confirm your identity online you will need a smartphone. The portal determines if your phone can be used to confirm your identity! Enter your mobile number and you will be received an SMS with a link.

12. Uploading Photos

– After providing two forms of identification and photo of your own. After identification, you will be successfully verified for next process.

13. Review Your Details

– Read all the details you’ve provided are correct or incorrect if they are true review and confirm it by clicking it. You can go back and edit any incorrect details.

14. Consent And Declaration – Confirm and declare that you have read and understood the Terms and Conditions and that you agree to Solar Victoria’s Privacy Policy.

15. Submit Your Application – Once you’ve confirmed the terms and conditions and privacy policy. You’re able to submit your application.

16. Done – After submitting your application, You’ll receive an email from the portal confirming that they’ve received your application.

[advancedsolartechnology]

How to Buy Solar Panels in Perth

Choosing the right solar company in Perth is important for a quality installation that will deliver great energy savings and a quick payback. Look for CEC-accredited installers and retailers who have manufacturer certifications.

Also, consider companies with a long business history and varied online reviews. Newer businesses tend to close and reopen under another name and may have warranty issues.

The Cost

Solar panels perth is renowned for its abundance of sunshine, and it's no wonder rooftop solar is a popular option here. With its low grid electricity prices and high energy usage, homes in Perth can see substantial financial and environmental savings by generating their own clean energy with a home solar power system.

A good installer will quote prices that include any Federal Government subsidies.

These incentives are provided in the form of Small-scale Technology Certificates (STCs) that reduce the upfront cost of a solar system. The number of STCs your system creates reduces over time, so it's important to take advantage of this incentive before it ends.

STCs typically cover around 30% of the initial costs, which can make a huge difference to your ROI. Be wary of any installers that don't quote STCs in their pricing - this could be a sign they are using inferior equipment or a less-qualified team to install your system.

Energy Savings

One of the key benefits of solar is a lower electricity bill. Once you reach your payback period, the initial investment is recouped through savings from reduced power costs. You can accelerate the process by using as much energy for yourself during daylight hours and avoiding excessive grid electricity use at night.

Another way to boost energy efficiency is by adding battery storage. This makes your system more productive and allows you to take advantage of peak demand times during the summer.

Solar adds value to your home, and a well-maintained system will continue to save you money for decades to come. It is important to choose a reputable installer, and look for CEC accreditation.

In addition to federal subsidies, state-level incentives may be available to further reduce the cost of a solar system. This includes Small-Scale Technology Certificates (STCs), which are rebates that vary by system size and market price. These rebates can significantly lower the upfront cost of a 6.6 kW system.

Government Rebates

Fortunately, the Australian government offers a number of incentives and rebates that make solar power more affordable. These rebates are available for homeowners, landlords, and businesses, depending on state regulations and eligibility requirements. Most importantly, the rebates reduce upfront costs and reward homeowners for generating clean energy. One of the most significant rebates is through Small-scale Technology Certificates (STCs). These are redeemed for a dollar value, which can be deducted from the cost of a system. Typically, Perth solar power installers like Perth Solar Force will take STC’s directly off the upfront price of the system.

Other government rebates are also available, including a feed-in tariff that compensates homeowners for electricity they export back to the grid. Together with electricity savings, these subsidies make it possible to achieve payback within 4-5 years. This makes a solar system a worthwhile investment for any household or business, especially with Australia’s sunny climate and competitive panel prices. However, it’s always best to compare multiple quotes and shop around for reputable suppliers with warranties and reviews.

The Future

Investing in buy solar panels perth can significantly reduce your electricity bills and help the environment. However, it’s important to choose the right system for your home. Some things to consider are the type, size and brand of panels, as well as the inverter. You should also look into the warranties and post-installation services. It’s also helpful to find a reliable installer with plenty of experience.

The best way to get started is by requesting quotes from multiple solar retailers. Compare prices and customer service, and read reviews online. It’s also a good idea to ask about the installer’s CEC accreditation and history.

Getting solar energy is a smart move for your Perth property. It can save you money on your energy bills and add value to your property. Plus, it’s tax deductible! Get a quote now and start saving on your electricity bill!

[chongcomeau30]

Victoria’s Solar Rebates For Landlords Are Good News For Tenants Too

I have good news for landlords and renters in Victoria.  The state government is handing out free money to landlords:  a $1,850 rebate on solar panels for rental properties that meet the requirements.  In addition, $1,850 can be borrowed as a zero-interest loan, paid off over four years at $38.54 per month. If the renter […]

The post Victoria’s Solar Rebates For Landlords Are Good News For Tenants Too appeared first on Solar Quotes Blog.

from Solar Energy https://www.solarquotes.com.au/blog/victoria-rental-solar-rebate/

[muntahasaleem58]

Available Solar Rebates Program in the UK

Available Solar Rebates Program in the UK

The UK government has been promoting the use of green energy for many years. The main way it did this was by lowering the cost of solar panels for new buyers. The main incentives offered to UK residents are:

New Green Homes Grant 2020

The New Green Homes Grant program was announced in July by the UK government. Homeowners and landlords can receive vouchers of £5,000 – £10,000 to make…

[allaroundmelbourne]

Victoria's rental vacancy rate has dropped again, and even the real estate industry is concerned

Updated August 24, 2018 08:49:53

Photo: The rental vacancy rate in outer Melbourne was below the Victorian rate. (Reuters: Mick Tsikas, file photo) The rental vacancy rate in Victoria has hit a record low, the state's peak real estate body says, and the swelling population has been blamed. The latest figures from the Real Estate Institute of Victoria (REIV) show the vacancy rate dropped to just 1.8 per cent in July. That's the lowest it has been in the 16 years since the REIV began collecting such data. It's also well below the 3 per cent rate the REIV says is needed for a healthy rental market, where there is enough supply to meet demand. Renters in regional Victoria are having the hardest time finding a home: the vacancy rate outside of Melbourne dropped to 1.5 per cent, from 2.3 per cent a year ago. Vacancy rates in Melbourne's outer suburbs were also below the state rate, sitting at 1.6 per cent. "The vacancy rate has been on a slow, steady decline since before 2014, basically driven by strong population growth," Tenants Victoria CEO Mark O'Brien said. "There's not really been a supply response to reflect that strong population growth." Victoria's population grew by 2.3 per cent or 143,000 residents last year, according to the Australian Bureau of Statistics.

Photo: Victoria's rental vacancy rate has fallen to 1.5 per cent in regional Victoria. (Source: REIV) 'Investors retreating from the market' REIV president Richard Simpson said tighter lending restrictions for property investors were also having an impact. "Investors have really retreated from the market on account of the crackdown on finance from the banks," Mr Simpson said. However, that was making it easier for some renters to become first home buyers. "We've definitely seen that occur in the lower end of the market," he said. "In the outer suburbs of Melbourne, demand for those kinds of houses has really soared." Mr Simpson said the Government needed to address the supply of housing, by allowing for higher density living in the inner city. "People are going to always want to come to Melbourne," he said. "It's about now making sure that there's enough supply to meet that demand." Mr O'Brien said the rental investment sector was in need of reform. "Trying to fill the private rental market with mum and dad investors is a very poor option for such a significant market," he said. "What governments should be looking at is how do we introduce institutional investment into the private market so that we don't get these strange peaks and troughs in the supply response. The low vacancy rate could further exacerbate the state's homelessness problem, he said. While vacancy rate figures are released on a monthly basis, the REIV said the data was calculated as a six-month average, in order to eliminate volatility in the figures.

Photo: The Andrews Government wants to make it easier for renters to keep pets. (666 ABC Canberra: Hannah Walmsley) Rental reforms pass Lower House As the number of renters in Victoria has grown, so has their recognition in state politics. The Parliament is currently debating an overhaul of rental laws that would result in smaller bonds, longer leases and the right to own pets. External Link:Tenants Victoria tweets: The Victorian Lower House has just voted on the 'RentFair' Bill, andits a YES! A fantastic result for the individuals and organisations who have worked tirelessly to make sure the health and wellbeing of over 1.5 million renters are recognised. Well done, team! It passed Parliament's Lower House on Thursday, despite opposition from the Coalition. But it still needs to get through the Upper House, where it will need the support of crossbench MPs. The REIV argues the changes will lead to increased competition for rental properties and place more pressure on rents if the bill is passed in its current form, because landlords will have less control over their investments. The Victorian Greens have now also unveiled new rental policies to give renters access to the benefits of solar power, saying that would cut $500 a year from the energy bills of renters and public housing tenants. The Labor Government has announced a $1.3-billion package to give discounted rooftop solar and solar hot water systems to owner-occupiers. But Melbourne Greens MP Ellen Sandell said renters were missing out. "One in four Victorians rent their home, but they are locked out of solar. Apartment-dwellers are locked out too," she said. The party wants to let renters buy solar panels on public buildings like railway stations and have the energy credited to their power bills. It said that would allow renters to benefit from solar power, even if they moved around. The Greens also want solar panels installed on all public housing and all new housing, minimum energy efficiency standards for rental properties, and to introduce a $1,000 rebate for owner occupiers and landlords to replace ageing heaters with more efficient models. Ms Sandell said the policy was costed at about $377 million over four years. "Renters deserve to live in warm, comfortable homes, not glorified tents," she said. "Our plan will also require landlords to upgrade all rental homes so they're more energy efficient." Victorian Premier Daniel Andrews said there was already a substantial program to reform rental laws before the Parliament, but hinted at further changes. "We will have more to say about energy and about support for renters before November 24 [election day]." Topics:housing,housing-industry,states-and-territories,melbourne-3000,vic First posted August 24, 2018 06:46:23 http://www.abc.net.au/news/2018-08-24/rental-vacancy-rate-drops-again-in-victoria/10155782