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Am I Paying Too Much Rent?
Comments
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How about we compromise, by agreeing that it's indirectly relevant?I disagree, it is relevant in respect of the comments made by the OP.
How the pricing is calculated, and what return the landlord is getting on their investment, is not relevant to the tenant - the landlord is as much at the mercy of market forces setting prices as the tenant is. Supply and demand.
That even applies to those very, very few landlords with an exceptionally large market share in any given area, simply because if rents become high in one given area, people will move to a different area. Demand will decrease. Or other landlords will move IN to that area, so supply will increase.0 -
Agree, as normal, with PIxie. Why do some tenants think that because they have paid rent, that they can have an entitlement attitude. The LL likely has a mortgage to pay, income tax etc. It is like saying, oh I've been paying my mortgage amount to the bank for 5 years, I've gone into my overdraft , I should not have to pay the interest accrued as a result of me paying 45k to in mortgage payments....
A twenty pound monthly increase is fairly small and the first in three years is reasonable.
Quick tip...don't like it, move property. I would first work out your moving costs, letting agency fees etc for the new property and see financially if you are going to be better off and weigh up the issues of actually moving.
Doesn't seem to me you have any evidence to go on for what is reasonable in the circumstances.
I would look for another rental and let the landlord eat voids.0 -
wolfplayer wrote: »Doesn't seem to me you have any evidence to go on for what is reasonable in the circumstances.
I would look for another rental and let the landlord eat voids.
The same could be said of you...you are assuming that the landlord will have to eat voids...there could be high demand in the area, or even waiting lists for this kind of particular property.
The increase is a modest 2.6%, that figure alone is enough for me to conclude that it is reasonable. I have been a tenant and a landlord and base my conclusion on experience. Without the OP posting his postcode we cannot calculate an average rental amount for the local area in comparable properties. This factual evidence is difficult to produce in this case...0 -
How about we compromise, by agreeing that it's indirectly relevant?
How the pricing is calculated, and what return the landlord is getting on their investment, is not relevant to the tenant - the landlord is as much at the mercy of market forces setting prices as the tenant is. Supply and demand.
That even applies to those very, very few landlords with an exceptionally large market share in any given area, simply because if rents become high in one given area, people will move to a different area. Demand will decrease. Or other landlords will move IN to that area, so supply will increase.
I agree with your comments on market forces. I however do not have the time to get into a discussion on what is direct and indirect relevance.0 -
Would you say that an increase of less than two-thirds the rate of inflation was reasonable? I would.wolfplayer wrote: »Doesn't seem to me you have any evidence to go on for what is reasonable in the circumstances.0 -
Given the level of the majority of private rents is inherently unreasonable... No? Then why is the number of evictions increasing exponentially? Because people cannot afford them. The minimum wage is a sick joke, even decently paid jobs do not pay enough to enable many working in health and emergency services to live close to where they work. In many cases, HB no longer covers the full amount of rent, full council tax rebate is more and more difficult to qualify for and the gap between rich and poor is now an abyss.
It's OK, I'm fine, I donned the skid lid and lead suit already.
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Given the level of the majority of private rents is inherently unreasonable... No? Then why is the number of evictions increasing exponentially? Because people cannot afford them. The minimum wage is a sick joke, even decently paid jobs do not pay enough to enable many working in health and emergency services to live close to where they work. In many cases, HB no longer covers the full amount of rent, full council tax rebate is more and more difficult to qualify for and the gap between rich and poor is now an abyss.
It's OK, I'm fine, I donned the skid lid and lead suit already.
Tbh what you say only applies in London, I work in health, earn less than nurses do and live (literally) a stone's throw from the hospital.
Evictions are only increasing in line with population growth, in areas outside London.
The problem is that the capital is pricing itself out of the market.0 -
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I disagree, Guest101, this applies in many, if not most places; everything is relative and your experience, however valid, is not universal.0
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