Renting - Negotiating rent increases

fulhamnonny

Hi,

My partner and I would like to stay in our rented flat and we've been told we are excellent tenants, but was wondering how to negotiate rent increases.

We understand that all private landlords will always want to increase rent and we are happy to accept some kind of increase but how do we go about playing our cards to the letting agent.

Thanks

timberflake

fulhamnonny wrote: »

Hi,

My partner and I would like to stay in our rented flat and we've been told we are excellent tenants, but was wondering how to negotiate rent increases.

We understand that all private landlords will always want to increase rent and we are happy to accept some kind of increase but how do we go about playing our cards to the letting agent.

Thanks

Put simply, don't! Of course all landlords want to increase their rent, they want to make as much money as they can, that doesn't entitle them to.

First off, are you getting a good deal at the minute? What is the "going rate" for similar properties in the area? If you're paying under the odds at the minute expect it to be put up, but if you're already paying the market rate why would you expect the landlord to want more?

Gwhiz

Not the case that LL will always want to increase. Good tenants are worth their weight in gold and many LLs (mine as an example) will prefer to keep a good tenant happy by keeping the rent as it is rather than risk losing that tenant.

If they do want to increase you need to research the local market to see if the new rent is fair AND then mention how good a tenant you are.

If the LL wants to risk losing you for more money there is not much you can do - either pay up or move. But handing in your notice could be the nudge the LL needs to realise that it may not be the best thing for all parties concerned.

mirrorimage0

not all landlords are after the most money to be honest, not in this climate, i havent put up the rent for 3 yrs as i have had good tenants, i would rather that than an extra £20 per month.

if they ask for a rent increase then go back with a compromise, it is expected that they will want you to stay put rather than got through the hassle of finding new tenants, paying more fees to agents etc

helenftb

Hi

When my landlord wanted to increase the rent, I put the figures into percentages, and they wanted a 5% increase, I looked at inflation at the time and my own payrise in work (2.5%), and went back stating that I would be worse off due to current climate and they agreed on the 2.5%. The rent was pretty decent to be fair, so I knew an increase was on the cards. (plus it helped when the letting agent acting on their behalf told me upfront that they thought the landlord would be open to negotiate!)


Good luck!

fulhamnonny

Thanks for the info so far.

They want to put the rent up 5%. In the past few month I've changed jobs, so whilst my earnings have decreased by more than 5%, my partners has increased, but by more than 5% (very lucky indeed for him!).

We've had a quick look at similar sized flats and there seems to be a great variation in price, but it does suggest we are paying middle to upper prices for the flat.

I have a compromise in mind - that is for an increase of 3.5 - 4%, but for us to replace the the kettle, toaster and iron as they look awful and those appliances were not new when we moved in. I'm not sure if this is realistic.

fulhamnonny

I forgot to mention, due to the agency messing up, by not getting my email address correct, the agency sent an email about the increase and asking if we are going to stay or leave 1 month ago. We have only just been notified as they got my email address correct this time, of the planned increase and with only 1 month left on the tenancy agreement are trying to push us into making a decision quickly.

jjlandlord

fulhamnonny wrote: »

I forgot to mention, due to the agency messing up, by not getting my email address correct, the agency sent an email about the increase and asking if we are going to stay or leave 1 month ago. We have only just been notified as they got my email address correct this time, of the planned increase and with only 1 month left on the tenancy agreement are trying to push us into making a decision quickly.

(Assuming you have an AST in England or Wales)

Whether you decide to stay or leave when your current fixed term tenancy ends you do not have to provide an early notice to your landlord.

If you do stay, your landlord can only formally raise the rent in two ways:
1. You agree to sign a new fixed term tenancy agreement with a higher rent.
2. The landlord serves you with a section 13 notice of rent increase, giving you one month notice.

So basically do not feel pressured.