THIS WEEK’S TOPIC: Will legislating the new code of conduct on tenancy agreements level the playing field between landlords and tenants?
THE new Code of Conduct is certainly a step up from the voluntary Fair Tenancy Framework launched in 2015. Over the past year, I’ve heard my fair share of stories from tenants who complain about sustainability issues and lack of support from landlords.
One of the most important issues which the new Code helps to resolve between tenants and landlords is the level of certainty. As an example, the clause of ”either/or” or ”whichever is higher” relating to base rents and/or percentage of gross turnover in some contracts have always favoured landlords, in good times and bad. With the proposed ‘single computation’ method, tenants would not need to worry about paying a higher rent when their sales increase.
I look forward to seeing the retail market roaring back with the help of this new Code especially under these trying times.
Mario Singh
Chief Executive Officer
Fullerton Markets
