Rent Bidding

From 17 December 2022, licensed agents are prohibited from soliciting rent bidding.

An agent must not solicit or invite a person to offer to pay an amount of fixed rent for a residential property that is higher than the amount specified in a current advertisement by the agent for the property.

The changes aim to clarify acceptable practices for agents. They will increase transparency as a fixed price will need to be advertised, giving prospective tenants a clear idea of the rent payable and whether they can afford the property.

Source, NSW Fair Trading