Discussion
Does anyone have a good resource for average rental prices over time in a specific area?
We rented out house out when we moved abroad in 2020, and haven't increased the rent since. I believe rental prices have increased but dropped back down again since, so would like to get an idea what prices have done in the area. We've had the same tenant in the whole time and had no problem with him so don't want to take the piss and crank it up too much, but getting a few bits of work done on the house and prices for services seem to be up a lot so it feels like we should increase it a bit.
We rented out house out when we moved abroad in 2020, and haven't increased the rent since. I believe rental prices have increased but dropped back down again since, so would like to get an idea what prices have done in the area. We've had the same tenant in the whole time and had no problem with him so don't want to take the piss and crank it up too much, but getting a few bits of work done on the house and prices for services seem to be up a lot so it feels like we should increase it a bit.
sfella said:
So fa's as aware max uplift is 5% per year
Where? England doesn't have rent caps.Mine went up 15% last year, and will be more like 25% this year. Thats just to try and catch up on years when I didn't increase them! Average currently over 9% per year.
https://www.ft.com/content/5ec2740e-5c23-4440-a798...
There is a lack of supply, and rents are rising fast across the country. landlord costs have gone up, and the government introduced punitive taxes on private landlords.
One way to keep an eye on rents is to set an alert on rightmove for similar rental properties in the area.
Edited by 98elise on Wednesday 17th April 13:35
sfella said:
So fa's as aware max uplift is 5% per year
Wrong. Look on gov.uk for guidance no mention of any percentage.
Check Rightmove within a 2 mile radius and then to avoid pissijg them off price it below. Say £850 max in your area price it at £800.
This is what we do every 2-3 years. Tenants are happy they still have the cheapest rent in the area and know they won’t face another increase for 2-3 years.
Unless they're vastly overpriced - I didn't think much was hanging around in the rental market these days.
My tenants have been in for a year this month, and the agency suggested a 5% increase. However, they've been reasonable tenants so far - and since the tax man would take half of any increase anyway, I left the rent unchanged.
I will probably increase it next year though.
My tenants have been in for a year this month, and the agency suggested a 5% increase. However, they've been reasonable tenants so far - and since the tax man would take half of any increase anyway, I left the rent unchanged.
I will probably increase it next year though.
davek_964 said:
Unless they're vastly overpriced - I didn't think much was hanging around in the rental market these days.
My tenants have been in for a year this month, and the agency suggested a 5% increase. However, they've been reasonable tenants so far - and since the tax man would take half of any increase anyway, I left the rent unchanged.
I will probably increase it next year though.
It does happen. Rents for a 3 bed terrace in my area seem to be about £1200. You occasionally see one in the £1500 ball park, which then gets reduced after a few weeks. It's agents testing the market, or have overvalued it to get a landlord on board.My tenants have been in for a year this month, and the agency suggested a 5% increase. However, they've been reasonable tenants so far - and since the tax man would take half of any increase anyway, I left the rent unchanged.
I will probably increase it next year though.
As the previous poster said the let agreed ones are the best guide.
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