Land Tax Act 2010

A residential tenancy agreement for a dwelling in a build to rent development is a discounted rent housing agreement if—

at each relevant time for the agreement, the rent payable under the agreement is at least 25% less than the reference rent for the dwelling under subsection (2); and

the agreement is a fixed term agreement; and

when the agreement is entered into, the tenant is offered the option of an agreement with a term of 3 years.

For subsection (1)(a), the reference rent for the dwelling, at a relevant time, is the average rent paid or payable for each other dwelling in the build to rent development that is—

comparable to the dwelling having regard to the size, quality and amenities of the dwellings; and

subject to a residential tenancy agreement that—

is entered into at arms-length; and

was entered into before the relevant time; and

at the most recent relevant time for that dwelling, was not a discounted rent housing agreement.

For working out the reference rent for the dwelling under subsection (2)—

there must be at least 1 other dwelling in the build to rent development that meets the requirements under subsection (2)(a) and (b); and

if there are no other dwellings in the build to rent development that meet the requirements under subsection (2)(a) and (b), the requirement under subsection (1)(a) is not met.

In this section—

when the agreement is entered into;

when a renewal of the agreement takes effect;

when the rent is reviewed under the agreement.