Rent increase after 11 years at same level

sheramber

https://forums.moneysavingexpert.com/discussion/comment/82165087#Comment_82165087

If he is on the fence about selling he might not bother renting it but just sell it.

sammyjammy

What are your plans longer term? You are 57 and renting this house doesn't sound like a forever option? Maybe now is a good time to move? Could you down size?

robthenewboy

https://forums.moneysavingexpert.com/discussion/comment/82165326#Comment_82165326

https://forums.moneysavingexpert.com/discussion/comment/82165326#Comment_82165326

Downsizing wouldn't really reduce the rent by any meaningful amount and would give us less space. We have one room set up as a dedicated treatment room for my wife's alternative therapy business and losing that would mean renting a room elsewhere, which would have to be a last resort as it's worse all-round.

Jemma01

He sounds like a very nice landlord, 11 years with no increase is a dream. He clearly wants to keep you, but cost of living has really gone up and mortgage rates are up.

Suggest the 300 and be very grateful that he's willing to ask and not dictate.

saajan_12

https://forums.moneysavingexpert.com/discussion/6686386/rent-increase-after-11-years-at-same-level

An increase of 3-5% each year would have probably been be a bit excessive, especially since interest rates only began to increase in 20/21. We moved in in 2011.

Indeed, but interest rates is reactionary, inflation or rent trends would give a better idea. Those were very llow 2011-2020 but thereafter have been far higher so 3-5% may come out as a reasonable average.

We can afford more - we had a 200-300pm increase in our heads - but an extra £700 is out of the question considering our income and the state of some parts of the house (it could really do with new windows, a replaced shower and a few other things that we can live with but probably wouldn't be acceptable as a new property on the rental market).

If we were to pay more then we should document the current condition of the house and establish that as a baseline, detailing exactly what we will and will not be responsible for.

Is that really an argument in your favour - shower and small things you can live with sound like they would be maintenance which would have been your responsibility anyway in this handshake deal. So arguably current market rent should assume those are fixed at your cost.

If he's expecting 'market rates' then any issue of us helping out with simple maintenance goes out the window and all maintenace and the arranging of it defer back to him.

..

If he were to sell he'd now need to give us 4 months notice.

Absolutely, it sounds like he's asking for an offer under market rents.

I'd just go back with a number that's slightly under market rents for a house in decent condition, and if he counters then weigh up whether its worth that vs having to move.