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Landlords - would you increase the rent?
Hi, I'm interested in other people's opinions, not just landlords - the thread title was to give everyone a clue about the threrad.
I've got a 3 bed house rented out with a good tenant. Always pays the rent on time, been there almost 4 years. I put the rent up £30 last year - first rent increase - as it has fallen well below the market rent.
Last year the tenant gave notice to quit, and I thought I'd be able to get back to close to market rent, but she changed her mind and decided to stay. Since then she has spent quite a bit of her own money on new carpets and flooring, and done a decent job of decorating - after asking me if that was ok.
Now I wouldn't expect to renew carpets at 3 years old (house fully refurbed before tenancy) so it isn't an expense I would have had. The carpets weren't worn out or dirty, she wanted a colour change to match decor.
The current rent is £150 below the cheapest 3 bed property in the area, and less than a 2 bed in many instances.
The house market rent would be about £175-£200 more than the current rent.
Because I didn't increase it for 2 years I think the tenant isn't expecting an increase on this years anniversary but although mortgage free every other cost has gone up for me, landlord insurance, gas safe, electrical testing and of course and repairs both materials and labour have shot up.
So should I put it up? I'm thinking £15 to bring it up to the price I'm getting on a recently let 2 bed similar property. Does the fact the tenant spends their own money improving the house stop me - in that I'd feel like she won't want to move on having spent her own cash on the place.
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