What would you class as reasonable (rent increase)
Discussion
We are not too far from our first year in a property.
All has been well, the flat suits us, and we have been good tenants.
The rent is £925 which in my opinion is about right given what the flat has and also what else gets let in the area. The agents have said to the landlord that they think they could get £1000 for it (as the market has gone up a lot apparently), so the landlord has said he would like to meet us at £970.
I'm inclined to say its reasonable, but am I to expect the same conversation every year?
What would you class as reasonable?
All has been well, the flat suits us, and we have been good tenants.
The rent is £925 which in my opinion is about right given what the flat has and also what else gets let in the area. The agents have said to the landlord that they think they could get £1000 for it (as the market has gone up a lot apparently), so the landlord has said he would like to meet us at £970.
I'm inclined to say its reasonable, but am I to expect the same conversation every year?
What would you class as reasonable?
... and if you were to walk, the cost for the landlord to find a new tenant (if he's using an agency) would be what? And if there's a fallow period? And if the next tenants are bad?
Yes, 5% may be small, but I've never had a landlord try to put a rent increase on me (mainly I suspect as a result of the above) when already in a property.
Yes, 5% may be small, but I've never had a landlord try to put a rent increase on me (mainly I suspect as a result of the above) when already in a property.
andye30m3 said:
As a landlord I'd generally avoid putting rents up for existing tenants I was happy with all the time the rent was in the same region as others in the area
Although mine's gone up by 10% over the last year as people have moved out and I've had to get new tenants
I'm the same. I've told my tenants that the rent will not increase until such time as there is a significant difference between local rates and what they are paying. Even then it will track the local rates at the same discount.Although mine's gone up by 10% over the last year as people have moved out and I've had to get new tenants
Keeping a decent tenant is a priority for me.
It used to be normal to increase the rent inline with inflation. However, rents are going up across the nation, and more importantly the cost of maintenance is increasing.
If you're in a flat the service charge is likely to have increased year on year for the LL and everything else in terms of labour and materials is more than a couple of years ago.
It's important to realise that if the LL is struggling to cover the mortgage, maintenance, service charge etc etc and the VAT increase on his renewal fee with the agent then it could be worth looking for a new tenant at an increased rent.
Unfortunately cost of living is going up for all.
If you're in a flat the service charge is likely to have increased year on year for the LL and everything else in terms of labour and materials is more than a couple of years ago.
It's important to realise that if the LL is struggling to cover the mortgage, maintenance, service charge etc etc and the VAT increase on his renewal fee with the agent then it could be worth looking for a new tenant at an increased rent.
Unfortunately cost of living is going up for all.
andye30m3 said:
As a landlord I'd generally avoid putting rents up for existing tenants I was happy with all the time the rent was in the same region as others in the area
Although mine's gone up by 10% over the last year as people have moved out and I've had to get new tenants
Absolutely agree, as a landlord myself as a general rule I do not increase rent to a sitting tenant, and since there are lots of empty properties, landlords seeking tenants.Although mine's gone up by 10% over the last year as people have moved out and I've had to get new tenants
Surely for any landlord it is better to have a 12, 18, 24, 36 months full let etc., rather than for the sake of a 5% rental increase, to find you have a tenant giving Notice, and an empty property, loss of rent for 1, 2, 3 months etc.
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