Rent has just gone up :(

balmk

Landlord called today - because his fixed rate BTL mortgage is coming to an end, and the new offer is more expensive, he is putting the rent up when our contract renewal comes up.

Rent going from £470 to £550 per month

Catblue

Is the £550 a reasonable market rate for where you are?

Have a look on rightmove and try to assess comparable properties. If £550 is reasonable and you don't want to move, then I guess that you might just have to put up with that.

If the market rate is more like £470, then tell the LL that you have done the research and the rent increase is not warranted. If you do take this tack, be prepared to move on, though.

moneysavinmonkey

as Catblue says. Look around and determine what a fair market rent is. Negotiate with your landlord... even if £550 is still competitive your landlord may be a little more flexible if you point out that you have been a good tenant, paid on time, kept the place nice etc, planning to stay a while, therefore keeping his voids down etc... all that may be worth £10-20-30, (maybe more) quid a month to him. Point out that is a fairly hefty increase (17%) and your wages aren't going up that much!!
Depending on what similar properties in your area are rented for (not necessarily what they are advertised at) I would be inclined to ask for the rent to be capped at £500... If you can give your landlord evidence of local rents that would help you case as if he doesn't agree to your demands he will struggle to find a tenant at all!

definitely ask your landlord to reconsider, the worst he can say is no!

neas

Lol.. so landlord just shoves the increase on to you? Tell him that increase of 17% is totally unrealistic expectation and tell him you will be vacating and finding another property... wish him good luck marketing at a ridculous price. Unless ofc you were paying under the market before.

Helga14

If you don't think it is a fair price then give him notice and move.

He may back down when you tell him his flat is completely overpriced and you are really disappointed as you have been a good tennant, paying on time and treating his property with respect. But he may not.....

Kez100

I agree. His reasoning smacks of an amateur. I'd move, unless the rent rise is reasonable for your property.

neas

"I made a mistake getting into BTL... so i'll just pass all increases onto the innocent renter".... I'd tell him to swivel on it..

jago25_98

Can anyone tell them whether it's ok to raise rent during a contractual period.

What stops advertising at one rate and then upping every month in the hope that someone won't move for the sake of £10 extra each month?

mr.broderick

balmk wrote: »

Landlord called today - because his fixed rate BTL mortgage is coming to an end, and the new offer is more expensive, he is putting the rent up when our contract renewal comes up.

Rent going from £470 to £550 per month

Guess its just like offering 15% below asking due to current conditions?

Icey77

My LA advised that a 6% increase would be suitable in the current rental market (Bucks) now that I was discussing the renewal of the tenancy.

I negoiated a 4% increase because my tenants are good and are about to sign a 6 month rather than two 3 month tenancy's. A little bit of give and take has ensured that we both get what we want.

17% is ridiculous, I may be new to the LL arena but I rely on my LA for advice on this sort - what else do I pay them for?????

Icey77

jago25_98 wrote: »

Can anyone tell them whether it's ok to raise rent during a contractual period.

What stops advertising at one rate and then upping every month in the hope that someone won't move for the sake of £10 extra each month?

If the tenancy is contracted this can't happen during the period that is detailed in the contract.

Once a new tenency contract is under discussion the rate charged for rent may changed but the tenant does not have to accept - he can negoiate or find another property to live in that suits his budget.