Decade-long leases will soon be possible under rent reform laws announced on Thursday, but landlords are unlikely to embrace them in a market with soaring demand.

The state government has announced it will introduce new legislation this year to provide "greater security" for both tenants and landlords.

Irregular inspection reports are a sign that property managers don't see value in completing this important task, Clint Dowdell-Smith says. Credit:Dean Osland

Current laws restrict any rental agreements to a maximum of five years but under the new rules there would be no "artificial cap", Premier Daniel Andrews said, when introducing the new reforms.

The looming changes, he said, will provide the same protections contained in current standard rental agreements for longer term arrangements.