just wondering if other landlords are increasing rent during current financial situation. Extra rent would be really helpful for me but I feel bad for the tenant if I raise rent a small bit. What do other landlords feel about raising rent currently?
It depends on how much your current rent is versus the market rate, and if you like your current tenants… I generally don’t increase the rent during the tenancy. I have good relationships with my tenants and I am ok to be slightly below market rate and have longer tenancies with happy tenants. This helps to reduce time/costs of re-marketing with more frequent tenant turnover, and also reduces risk of void periods. However I do increase rents in line with the market rate once the tenancy ends and the current tenants move out. However I appreciate that not all landlords are in this position, and will be facing financial pressures on their side.
Thank you for your response, it was very helpful
I’m with Mita on this, if you have good secure tenants then I personally would ride the storm (if you possibly can).
I never increase rents whether they are in for 6 months or 6 years, I just increase on new tenants.
If you are on BTL then the situation is entirely different due to the increasing interest rates.
Suggest you have a discussion with you tenant and explain your predicament and maybe set up the increase in small amounts.
Thank you Tony, i really appreciate your answer.
If you do, just make sure that you’re going to be doing repairs and also do it respectfully - ask them to agree to the increase instead of just slapping them with a section out of nowhere.
Which shouldn’t have to be said, but some people don’t realise.
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