Increasing Tenant Rent

Richard1212

[Deleted User] said:

Selling to the tenants at a good price (just cover what you paid for it - you already made plenty of profit) is the best option.

It's their home, and you have a responsibility to them.  You don't want to be out of pocket of course, but it expecting them to cover a bad business decision isn't right either.

If we are only talking about one property that is let, then I agree fully with rigolith. If you have a number of properties and tenants that is an entirely different matter.

CSI_Yorkshire

[Deleted User] said:

It's their home, and you have a responsibility to them.  

No they don't.  It's a commercial relationship.

MultiFuelBurner

[Deleted User] said:

Selling to the tenants at a good price (just cover what you paid for it - you already made plenty of profit) is the best option.

It's their home, and you have a responsibility to them.  You don't want to be out of pocket of course, but it expecting them to cover a bad business decision isn't right either.

Sadly it's not their property, it may be a home but not the tenants property and this is a business after all not a charity system.

During inflationary periods you don't see the supermarkets acting like a charity and keeping prices low so to expect any Landlord to do this is wildly off the mark.

What I will say is that the BTL Landlords are pushing up the average rents for an area as they fall foul of the high interest rates which is benefitting those LL without any BTLs on their properties.

Of course it would be a lovely if a LL is selling up that they offer.t to their tenants at a lower selling price  But realistically how many tenants do you think are in a position to buy? 

motorman99

[Deleted User] said:

Selling to the tenants at a good price (just cover what you paid for it - you already made plenty of profit) is the best option.

It's their home, and you have a responsibility to them.  You don't want to be out of pocket of course, but it expecting them to cover a bad business decision isn't right either.

Hang on…..so let’s say this house is worth eg £250k but the landlord paid £180k for it. 

Are you suggesting that because he’s had some rent he should sell it for £180k?

because if you are, if you ever find a £50 note, can I buy it off you for £25 seeing as it didn’t cost you anything?

no I thought not. 

The landlords would be mad to do it and won’t do it, I wouldn’t do it and you wouldn’t either. 

dinkylink

[Deleted User] said:

Selling to the tenants at a good price (just cover what you paid for it - you already made plenty of profit) is the best option.

It's their home, and you have a responsibility to them.  You don't want to be out of pocket of course, but it expecting them to cover a bad business decision isn't right either.

   

Sea_Shell

CSI_Yorkshire said:

[Deleted User] said:

It's their home, and you have a responsibility to them.  

No they don't.  It's a commercial relationship.

It should be, but probably wouldn't stop a LL being named and flamed on SM, if they either raised the rent, or issued notice, on a "vulnerable" tenant.

Where should private LLs responsibility start/stop if their tenant has, say, disabled children, or is a elderly decorated war hero?

CSI_Yorkshire

Sea_Shell said:

CSI_Yorkshire said:

[Deleted User] said:

It's their home, and you have a responsibility to them.  

No they don't.  It's a commercial relationship.

It should be, but probably wouldn't stop a LL being named and flamed on SM, if they either raised the rent, or issued notice, on a "vulnerable" tenant.

Where should private LLs responsibility start/stop if their tenant has, say, disabled children, or is a elderly decorated war hero?

At the same point as it does for everyone else - wherever the relevant legislation states.

It is not a private person's responsibility to provide welfare.

Jimifan

MultiFuelBurner said:

[Deleted User] said:

Selling to the tenants at a good price (just cover what you paid for it - you already made plenty of profit) is the best option.

It's their home, and you have a responsibility to them.  You don't want to be out of pocket of course, but it expecting them to cover a bad business decision isn't right either.

Sadly it's not their property, it may be a home but not the tenants property and this is a business after all not a charity system.

During inflationary periods you don't see the supermarkets acting like a charity and keeping prices low so to expect any Landlord to do this is wildly off the mark.

What I will say is that the BTL Landlords are pushing up the average rents for an area as they fall foul of the high interest rates which is benefitting those LL without any BTLs on their properties.

Of course it would be a lovely if a LL is selling up that they offer.t to their tenants at a lower selling price  But realistically how many tenants do you think are in a position to buy? 

We are in exactly that position, renting till we find a house to buy.
Unfortunately nothing we have found yet beats the one we're renting and we would love the LL to sell to us, giving a 15% profit in 18 months but they're not willing :-(

Richard1212

I am disgusted at the thoughtless comments made re rigolith's post. Tenants are people who live in their HOME and deserve respect. Owning many flats and houses, I have instructed my agents to cap all 2023 rent increases to 3%. My income drops but I will always be making a profit. And tenants can call the property their HOME.

CSI_Yorkshire

Richard1212 said:

I am disgusted at the thoughtless comments made re rigolith's post. Tenants are people who live in their HOME and deserve respect. Owning many flats and houses, I have instructed my agents to cap all 2023 rent increases to 3%. My income drops but I will always be making a profit. And tenants can call the property their HOME.

Are you going to sell all of your properties to the tenants at the original purchase price?

No, thought not.