Increasing Tenant Rent

woahsoah

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.

This is your decision. If I want to increase rents to the market rate legally then thats fair game. Just because you've put an arbitrary cap, it doesn't mean everyone else has to.

I've never increased rents at a renewal. But every new tenancy is at the market rate. Longest tenant I've had is about 5 years.

jimbog

[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.

Bizzare suggestion to say the least. Not sure where the OP stated that they were thinking of selling.

When selling anything, I would suggest at market rather than historic value as being the way forward

lookstraightahead

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.

Why do you need to make a profit out of your tenants? Is it because it's your business? 

Your post doesn't make any sense. Why is your rent increase ok? 

YoungBlueEyes

Has Tony Teacake risen from the grave....?

MultiFuelBurner

I'm sensing tea and cake and crashy side with a few posters 🤣🤣🤣 they soon fall out of character.

YoungBlueEyes

And the ones you do wish would come back never do.....

Schwarzwald

[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.

How do you know the OP “already made plenty of profit”? 

Being quite transparent and communicating with them what is ahead is probably one of the best options. If you cant cover the mortgage payments with the current rent, there is a chance they cant cover the new rent with their current salaries. Giving each other time to adapt and consider options is a respectful way to go about it. And that’s to some extent exactly what the BOE didnt do well: giving time to adapt yo changed circumstances.

if they decided they want to buy the property, you can have a discussion around price, but just offering it “at cost value” is nonsense, why would any sensible person do that? They shld pay what they think it it worth, if its not the right price, no sale.

lookstraightahead

[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 it's sold to the current tenants, where will new tenants live? 

Richard1212

lookstraightahead said:

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.

Why do you need to make a profit out of your tenants? Is it because it's your business? 

Your post doesn't make any sense. Why is your rent increase ok? 

Every landlord wants to make a profit from my tenants, and I do-----just as anyone selling their house wants to make a profit. It's merely my "business" to get the best profit I can ( within ethical constraints) from all my investments, whether they be shares portfolio, stocks, bonds, collectibles such as gold and coins and paintings. Part of my investments are in the form of rentable property. What's not to understand ?

Who said my rent increase is OK ? Not me. I merely mentioned it because it shows that some landlords are not squeezing tenants at this time of hardship for them----I have been capping my rents at 3% all year at a time when the inflation rate has been in double figures and , even now, the rate is far more than double my 3%. I can show you many letters of appreciation from my happy tenants----it's a good thing to hold out a helping hand when you are well-heeled whilst so many tenants are struggling. I don't see why you should post in the manner you did.

_Penny_Dreadful

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.

That's not entirely true though under English law.

https://www.landlordlawblog.co.uk/2015/01/13/do-tenants-own-the-property-they-rent