The Residential Tenancies Act 1986 came into force over 30 years ago to govern a rental market very different to that of what we see today. Since 1986, homeownership rates have declined and 609,700 New Zealand households now live in a rented property, which by last year was an estimated 32 percent of our population. More people, including families and older people, are renting for longer or even for life. The 1986 Residential Tenancies Act has not reflected this reality, and there are still issues with the stability and insecurity of rentals, which can have negative impacts on health, education, and employment. Through this bill, the Government is delivering on its promise to over 1 million New Zealanders who rent that we are making the rental market fairer and more secure. It sits alongside this Government's other improvements to renting, including the banning of letting fees and the healthy homes guarantee. 