Increasing Tenant Rent

[Deleted User]

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.

The reason that there are strong protections for tenants, and the government is looking to end Section 21, is because landlords do have an obligation to the people whose home it is.

[Deleted User]

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?

Lots of business have a responsibility above simply making as much money as they can. GP surgeries, for example.

If landlords feel that the responsibility of owning someone else's home is too much for them, if they gambled on cheap mortgages and lost, their first responsibility is still to the tenants. They should get out of the LL business in a way that avoids problems for the tenants so far as possible.

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.

And do you still think the above is something you’d do? 

If so, do let me know next time you sell your house, I’ll buy it.

jimbog

[Deleted User] said:

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?

Lots of business have a responsibility above simply making as much money as they can. GP surgeries, for example.

these are in the public sector

[Deleted User]

motorman99 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.

And do you still think the above is something you’d do? 

If so, do let me know next time you sell your house, I’ll buy it.

I wouldn't do it because I'm not in a position to take on that responsibility.

motorman99

I don’t think anyone would do it to be honest. 

CSI_Yorkshire

[Deleted User] said:

motorman99 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.

And do you still think the above is something you’d do? 

If so, do let me know next time you sell your house, I’ll buy it.

I wouldn't do it because I'm not in a position to take on that responsibility.

The responsibility of selling your house at a price that just covers what you paid for it?

MultiFuelBurner

Luckily we don't live in a communist country. 

Bigphil1474

OP, i think it's up to you what you do with the extra costs you are facing, but as some have said, best to let the tenants know what is coming.

If it was me, I'd consider what I'm making in terms of property value increase and rent, and make sure that any increase in rent is still around market rate for the property and area. Ultimately, it wouldn't be right for you to be struggling to pay the mortgage while the tenants get a relatively cheap rent, but if they are good tenants, it might be worth sharing the pain. If the existing tenants can't or won't pay the increased rent, who's to say that you would get any new tenants that would.

caprikid1

Richard1212 said:

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.

Many of us Landlords are not increasing their rents at all, in my case 40% of it will go straight to the government so why should I give the government even more money . I know non of my tenants are rolling in cash so I only increase rent when I am facing major expenditure or changing tenants. If my costs have not risen significantly (TAX Deductible anyway).