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Advice on rise in rent
car25
Posts: 112 Forumite
Our landlord has just put our rent up by 25% which seems an excessive jump, however this is the first rise in 5 years. So although this is probably fair if it had risen annually, are they able to do this large rise in one hit?
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Comments
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Yes they can. I think LL'S are allowed to raise rent once per year, either at the end of the term or if periodic, anytime with one months notice.FREEDOM IS NOT FREE0
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They have given us less than 2 week's notice of the rise!0
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How long is left on your current contract? The one with the lower rent on it.0
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It was initially for a year back in 2001, and has just been rolling since.0
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I just checked on Shelter, if it is a rolling tenancy, the LL can raise the rent anytime.FREEDOM IS NOT FREE0
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That is a big jump!! Suppose you have to compare it to what similar properties are being rented for.
If our landlord put ours up 25% it would be in line with what others are. We have had a good deal from him for a few years now but in return he has had us!!! Self employed three kids and a dog!!! Most agents nightmare!!
2 weeks notice does not seem fair though. Not sure what the ins and outs about this would be. Are you able to talk to him??? He could well be flexible timw wise and amount wise. Worth a shot can't do any harm to ask.0 -
It does seem to be a large increase, but bear in mind, the 5 years when there hasn't been an increase.
Maybe the LL's fixed term mortgageccame to an end and, what with the recent rate rises, has to do this to make the property financially viable.
I don't think it will be too long before all LLs do this and create a new rental market level...And why not..I say
Everything else increases each year...why not rents?
Probably biased opinion here
Tass0 -
anyone know what an acceptable % rent rise per year is ?It is unwise to pay too much but it's worse to pay too little. When you pay too much, all you lose is a little money... that is all. When you pay too little, you sometimes lose everything because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot...it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run and if you do that you will have enough to pay for something better (John Ruskin - 19 ctry author, art critic & social reformer)0
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Does the rise take your rent way above what similar properties are renting at?
If it brings you into line, then I doubt there is much you can do, as he could easily re-let.
If it takes the rent above, then try and negotiate a compromise.Official DFW Nerd Club - Member no: 203.0
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