The promise ahead of the March election comes amid skyrocketing Sydney rents as well as those in regional areas, with NSW's median rent increasing from $386 to $420 a week between 2016 and 2021.
With one in three NSW households now renters, Opposition Leader Chris Minns says Labor has prepared legislation banning secret bidding, a practice where prospective tenants are pitted against one another to secure properties.
Labor is also proposing a portable bond scheme to help relieve some of the cost pressures of moving homes by allowing renters to transfer their bond from one property to another.
"If parliament sits before the March election, we'll have legislation ready to go to make renting fairer to end the secret bidding wars that drive up the cost of rentals, and for a portable bond scheme," Mr Minns said on Monday.
Responding to reports that the Perrottet government is also poised to ban rent bidding, Greens MP Jenny Leong welcomed the move but also called for an end to no-grounds evictions as well as a rent freeze.
"The Greens welcome this reform as a good first step but also recognise that a great deal more can and should be done to protect the millions of renters across NSW," Ms Leong said.
Labor says more of the state's residents are becoming lifetime renters and more than a third of existing renters are paying over 30 per cent of their household income towards their weekly rent.
It is also promising to establish a rental commissioner to be an advocate and voice for tenants who would work closely with government, consumer affairs and stakeholders.
"We'll install a rental commissioner, whose job will be to hold landlords and agents to a high standard to ensure fairness across the rental market," Mr Minns said.
"I know how important and difficult housing affordability has become and these measures help to ensure every person has access to a safe and affordable roof over their head, regardless of whether you rent or own your own home."
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