The Prices and Consumer Affairs Division is progressing in revising the long-standing Rent Restriction Act, aiming for completion next month.
Director Orrin Steel highlights the outdated 1969 laws, which fail to address current rental market issues such as weekly agreements. Steel emphasizes the need for a more flexible notice period for weekly rentals.
Outdated regulations have led to problematic tenant contracts. Responding to concerns, the Cabinet approved an update to the 1947 Rent Restriction Act in October, prioritizing fairness and efficiency in the rental sector.
The government plans to establish a Rent Restriction Board alongside the revised legislation.
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