Smart Rental Bonds pass 2,700 NSW households and $7 million moved

More than 2,700 renting households in New South Wales have used Smart Rental Bonds to carry their existing bond to a new tenancy, moving more than $7 million in bonds since the scheme launched statewide, according to the NSW Government.

The figures, released by the office of Minister for Better Regulation and Fair Trading Anoulack Chanthivong on 30 October, give property managers the first indication of how quickly the transferable bond is being taken up as the spring leasing season peaks. The government says Sydney averages around 39,000 new rental listings in spring, with around 14,000 expected in regional NSW on last season's trends.

How the transfer works for agencies

The process starts with the agency. Once a landlord or agent lodges a bond request online, the renter is notified and logs into Rental Bonds Online, where they can either pay the new bond up front or use Smart Rental Bonds to move their existing bond to the new property for a $25 fee.

If the new bond is higher, the renter pays the difference. If it is lower, they receive the difference back, provided there is no agreed claim on the old bond. Where the landlord at the original property makes a finalised claim, the NSW Government pays that landlord up front and the renter repays the government, which the release says means landlords "face no financial risk".

For property managers, that last step is the one that matters. Because the government covers a finalised claim on the old bond, the landlord at the previous property is still paid. What changes is that applicants who would previously have needed to find a second bond while waiting for their first to be returned can now move without carrying two bonds at once.

"We know so many renters are doing it tough in the tight housing market, and we understand that frustration. This spring season, we want renters to take full advantage of the cost-of-living measures available to them," Mr Chanthivong said.

Rent Check and compliance

The same release says more than half a million people have used the government's Rent Check website, which compares weekly rents by postcode using bond data and which tenants can use to test an advertised rent before negotiating.

It also reminds renters that rent can be increased no more than once a year and that landlords and agents must offer a fee-free way to pay rent. The government cites its first Rental Reforms Impact Analysis as showing rental activity has continued in line with historical trends since the reforms passed, with more bond lodgements than refunds since October 2024.

The spring figures come as vacancy has begun to loosen in Sydney, as RET reported in national vacancy rate rises to 1.4 per cent. Property managers working through the state's other recent changes can find RET's earlier coverage in NSW domestic abuse rental reforms shift key compliance duties onto agents.