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Rent increase...??
kaan_is
Posts: 464 Forumite
would like comments on this please.....
a.)in % terms, what in your opinion is a fair rent increase per annum &
b.)should this be every year....for a 5 year term....
many thanks!
a.)in % terms, what in your opinion is a fair rent increase per annum &
b.)should this be every year....for a 5 year term....
many thanks!
0
Comments
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It is in my AST that it will go up yearly at the rate of inflation.0
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I don't think rents have increased much over the last few years. I think my AST says that they won't increase he rent by more than 8% per annum, though if they did that, I wouldn't be happy!
Whatever the increase is, it still needs to be line with other properties, so I'd certainly be looking at what else is available and simply vote with my feet if it weren't acceptable. If you don't want to move, then tell your LL that you're simply not happy and plan to move if they inccrease it again.
The cost of a void and finding another tenant is going to be much greater than not getting a bit of extra rent this year.Everything that is supposed to be in heaven is already here on earth.
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our rent hasn't been put up in 3 years :cool:Trying to get on top of finances one step at a time0
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I would first take a look at the local letting market, and then compare the rent you are charging to that being asked for similar properties in your area. I tend to keep my rent competitive, rather having long term tenancies, rather than high turn over of tenants. Several of my tenants, one paying £1100 per month rent, have been with me for over 5 years.
If you decide to make a rental increase, that increase must not be more than 10%, notice of the increase must be either by a week or month, that being dependent upon how the rent is paid.0 -
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As a landlord, I had not put up the rent on my house for the last couple of years. The tenancy renews in May and I have successfully negotiated an increase of just over 5%.
I took into account the cost of the most comparable properties in the immediate area.
As for "every year", that depends on whether you want to keep the existing tenants and what the market is doing, again in the immediate area.0
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