Rent increase intervals

Lesotho_bound

Hello :hello:

I was just wondering what the average interval is for rent increases for long term lets? I have been in a property for 4 years without an increase and I know one was due, however it has increased by 9%, which I cannot afford so will have to move :rolleyes:

I just wish there had been a half way mark so I could have looked without panic!

When I move to another property how often should I expect a rise and by how much? The new property will be approximately £500 to £550.

Thanks for your help

LB

Gorgeous_George

It would be normal for rents to increase annually by the rate of inflation. Over recent years, falling interest rates have eased the pressure on landlords and this has been passed to tenants in the form of stable rents.

With IRs rising over recent months, it is likely that many LLs will wish to increse rents to help towards their rising costs. When re-assessing rents, LLs might be tempted to reinstate the inflation increases from previous years, So, if there had been no rises for 4 or 5 years, a sudden rise by 10 - 12% may come as a bit of a shock.



GG

Lesotho_bound

I have never been good at maths, it is actually 13.5% rise!! :eek:

I thought yearly too, so in the next property I will be proactive and check similar properties so it won't be such a shock!

LB

real1314

rents should not really be set on an inflation or mortgage rate basis, but on what the local market rate is. Obviously this will be derived from mortgage/inlfation, but also property prices.

Is your new rent higher than you can get a new property for? If so, it might be worth speaking to your landlord and pointing out that lost rent might negate any increase.

e.g You're paying £400 a month = £4800 a year

Landlord wants £500 a month = £6200 a year

You leave and s/he loses 2 months, then gets £500 a month.

12 months later s/he's had £6200, but if you'd stayed on £450 (say) s/he'd have had £6300 over the 14 months and could then look at the situation again.