Rent increase by 35%

Mobeen_Younas

This is the bad news for me in 2017 the reason is that i have not my own house.

katebl

Finding it rather odd the tenant is getting told they have "done well out of the landlord" and asked what they have spent their money on otherwise when as the OP states this is the third consecutive annual increase, as if the tenant has been ripping off the poor hapless landlord and laughing to themself along the way. Once upon a time on this board were plenty of LL stating they priced low to keep a good tenant - guess they were savvy enough to sell up by now

The landlord dropped the ball somewhere along the line even if this isn't S24 related, and OP I would definitely ask to negotiate on that increase, don't give a point blank refusal but just enquire - I hope you can come to a compromise

SuboJvR

Agree with the above; there's also a lot of assumptions going around like assuming the OP's pay has gone up by X amount whilst rent stayed the same. We don't know what the OP does for a living, if they work for the NHS for example then it's very well documented how the salaries have been capped in that sector all the while other costs of living increase. (Household bills including energy, council tax, contents insurance, car insurance if applicable, etc etc).

I would definitely try and make an offer to the landlord and see if they'd be happy with that, if it's something you can afford. Are there any places you can try and save more in a month to help? Moving is expensive, and if you're happy where you are it may be worth trying to see what you can do to stay. If you can't move out of the area, you may just need to make peace with needing to pay that extra rent in a month.

Landlords like long term tenants for the security they offer, but the downside is they don't get a new opportunity every year or two to increase the rent by a larger amount without causing anyone any problems.

martinsurrey

cjdavies wrote: »

Would want more, however would employers give that much of an increase?

If they didn't would you stay with that job or walk down the road for 35% more?

steampowered wrote: »

Property investors have many choices. Those choices include (1) people choosing not to invest in property, and (2) people selling investment properties to invest in other assets - such as stocks and shares.

A mix of both is happening. The lack of investment in to the rental sector and a sell of of existing sock is reducing the supply of rental properties.

The average rental house houses more people than the average owner occupier house (house shares and HMO's), so the conversion from rental to owner occupier, decreases rental supply faster than it reduces rental demand, meaning prices go up for the existing rentals.