Raise rents or not?

headcone

It`s the time of year for rent increases.

But as a caring Landlord should I cut good tennants some slack or just screw them as a good capitalist should?

Tyler_Du

Depends on whether you value your tenants I guess, mine have just signed for another 12 months at the same rent. They are good tenants so I'd like to keep them really

headcone

Tyler_Durden_UK wrote: »

Depends on whether you value your tenants I guess, mine have just signed for another 12 months at the same rent. They are good tenants so I'd like to keep them really

Well I`m of the same opinion,

I have Tennants in two of my properties who I count as friends so they will probably be happy.

tomstickland

Tennants is a cheap bear.

chucknorris

I'm probably goiing to leave my rents frozen for another year but will increase the rents that I dropped to their original level.

Procrastinator333

First off, I would say you should take any increase in rents you can get.

But then, I find it quite surprising how you think it is a one way process. If my LL asked for a rent increase I would just say no, either serve me notice or leave rent as it is.

We keep their house spotless, they know we both have good secure jobs and pay the rent on time every time.

Are they really going to kick us out, risk a void for a month that would wipe out the increase and then potentially end up with some crappy tenants who trash the place and don't pay? I think not.

And on top of the above, I can show them a dozen comparable properties on RM within a mile that are available for around the current level we are paying. If anything, I look at what is available and reckon I could probably haggle one of them down to less than current rent - but I think the amount would be negligible, maybe £50, and that would be wiped out in moving fees.

So my rent isn't going to be changing any time soon, whatever the LL thinks.

useless

Procrastinator333 wrote: »

First off, I would say you should take any increase in rents you can get.

But then, I find it quite surprising how you think it is a one way process. If my LL asked for a rent increase I would just say no, either serve me notice or leave rent as it is.

We keep their house spotless, they know we both have good secure jobs and pay the rent on time every time.

Are they really going to kick us out, risk a void for a month that would wipe out the increase and then potentially end up with some crappy tenants who trash the place and don't pay? I think not.

And on top of the above, I can show them a dozen comparable properties on RM within a mile that are available for around the current level we are paying. If anything, I look at what is available and reckon I could probably haggle one of them down to less than current rent - but I think the amount would be negligible, maybe £50, and that would be wiped out in moving fees.

So my rent isn't going to be changing any time soon, whatever the LL thinks.

Another thing to factor in is how good are YOU as a landlord.
I will be doing the same as the person above - and not taking any rent rises from our landlord this year.
He never returns calls, never follows up on things that need fixing, unless we are very persistent in asking.

If he attempts to raise rents this year then I will be doing the same and pointing to rents in our block of flats (which are no more, and often £25-50 less), and will also be rather p**sed given that he does absolutely nothing in terms of maintenance.

chucknorris

useless wrote: »

Another thing to factor in is how good are YOU as a landlord.
I will be doing the same as the person above - and not taking any rent rises from our landlord this year.
He never returns calls, never follows up on things that need fixing, unless we are very persistent in asking.

If he attempts to raise rents this year then I will be doing the same and pointing to rents in our block of flats (which are no more, and often £25-50 less), and will also be rather p**sed given that he does absolutely nothing in terms of maintenance.

If he does nothing in terms of maintenance and there are cheaper properties around why on earth are you not moving out?

abaxas

As with all things, there are places where rents are rising, and those where rents are falling.

Also, any business knows that a steady revenue stream is better than failed cashflow.Remembering that a one month void = 8.33% drop in income.

Finally, remember that it takes 2 months to terminate a tenancy after inition period, when it's 1 month for the tennant. *

* usually it's >2 as LL gets their timing wrong or fail to send letters registered post.

JonnyBravo

Oooo some tough talking from some tenants..... Your landlord isn't reading this you know.Who are you trying to convince? Yourself?
Of course it is true that good tenants and good landlords are more than happy for there to be a "discount" below market level rents to reflect the mutually beneficial relationship.

Sounds like those landlords thinking of "screwing" their tenants and those tenants who like to think they can lay down the law to their landlord don't have such a relationship.

useless

chucknorris wrote: »

If he does nothing in terms of maintenance and there are cheaper properties around why on earth are you not moving out?

Because we want our next move to be a purchase and we ideally don't want to be tied into a 6 month contract at a new rental place when we are on a 1 month rolling contract. But he doesn't need to know that.

Personally I think £25 difference per month is a bit of a pointless move, would be better to keep where we are and not have any increases. seems the best balance for both parties.

Hope this answer is satisfactory!!