Putting up tenants rent

Geenie

PasturesNew wrote: »

When you're in a rented place there are usually some niggles, but while things are on an even keel you don't get round to moving. When a rent increase is suggested it's automatic to look around, see if there's anywhere better, nearer work, nearer friends, better parking, bigger garden ... whatever would solve the niggle. Upping the rent therefore will nearly always mean that the tenant looks at their other options.

Also, many people are paid less now than they were 3 years ago. Inflation is for goods, not always wages.

The other factor is, what can I as a tenant live in on my wage, without the stress of maintaining that home, seeing to all the services etc!

sjcollett

Manic mum I have to agree re: advertised rents vs. recvd rents. There is a big difference.

Truthfully why do you want to put the rent up - do you really need to?

I would say IMHO that having a good tenant who looks after the place and pays on time is a godsend. In all honesty, our business model is always to charge a bit lower than market rent and you will keep tenants for longer [because other places are always that little bit more expensive and is it really worth the effort] Anyway, that's just my tenpeneth!

g_attrill

Another idea might be that if you are planning to replace/renew something in the near future mention it in the same letter to even it out.

BritRael

sjcollett wrote: »

..Anyway, that's just my tenpeneth!

Well there's bl**dy inflation for ya!! In my day it was my twopeneth!!

dodger1

TRRER wrote: »

You are already getting 795 a month, that sounds enough, if you go ahead with this greediness, you risk him leaving, flat empty for only 1 month and you will need over a year to even come level.

Please read posts before commenting. OP has already stated his tenant is happy to pay more and therefore there is no risk in the tenant leaving. A rent increase after 3 years is not greedy in any way. I'm a tenant and would be very happy for 1 increase every 3 years.

ManicMum

yes, I agree dodger1. Why are some people so rude and judgemental? I am renting a property. It is a business not a charity. Bills rise each year for the landlord too - insurances etc. Don't suppose the council would take that line on a tenant. I'm sure they impose rent increases. As a matter of fact I ask my tenant frequently if they want anything doing - repairs, redecoration.

Sometimes I just don't feel like coming on this website anymore.

Fire_Fox

My last landlord didn't increase the rent for eight years, one of my housemates had remained all that time and kept advertising rooms as people left (with the landlord's permission). He was a decent landlord and I'm pretty sure he never had any non-payers: we only moved out as he wanted to move in himself due to advancing age.

elfen

Could say you're thinking of putting the rent up to between £815 and £830 and ask the tenant if they would be happy to pay somewhere in the middle (i.e. £820) Then you're getting an increase but one the tenant is happy with too.

ETA: Yes, the council do put up their rents. Usually yearly ,but I think they have to stick to a specific rate to increase and give notice (think it's a couple of pounds/percentage equivalent)

PayDay

elfen wrote: »

ETA: Yes, the council do put up their rents. Usually yearly ,but I think they have to stick to a specific rate to increase and give notice (think it's a couple of pounds/percentage equivalent)

Counsel house rents are way below private housing rents and are subsidised by the tax payer and should be increased every year.

If you are struggling for money then you might have to try to put the rent up but be aware that this might be the push your tenant needs to start looking for something else, regardless of what they said to you before.

Good tenants are like hens teeth and I never put their rent up. Rent increases are for when I am looking for a new tenant and only then if the market shows that I won't take a void asking that rent.

brit1234

Sorry but is it my imagination that rents have fallen the last couple of years? Also interest rates have been slashed to 0.5% to reduce mortgage payments which should flow through to renting. With that in mind it does sound a tad greedy. Unless you need the extra capital to pay off your mortgage to get a better LTV with falling house prices ahead, rather than pocket the extra rent money with the lower mortgage payments.