I have a great tenant and I feel thank u is not enough, so I think I will like to reduce the rent. How easy is to do that when contract has been signed
What are the views out there? tenant is not asking for a reduction, he is happy and doing lots in the flat (hence I want to show my appreciation)
Congratulations. But personally I think I’d rather pay them the right amount for specific things they’ve done (and agree those in advance) not reduce the rent. And if you want to thank on top send an Xmas card or be generous and don’t increase the rent even if market rate is increasing. That’s more than welcome and enough for most tenants.
You are running a business. If you set the correct market rent to get a tenant it’s still the correct rent. Don’t sell yourself short. Lots of ways to thank but reducing rent affects your own profits. Better to spend on eg maintenance or improvements to the property eg redecorate sooner than you would.have done otherwise- which benefits the tenant and you. They aren’t asking for a reduction so consider the rent fair.
Perhaps ask what they actually want eg if there’s any improvements that would make the place they call home better from their perspective. Maybe they’d like to be able to paint the walls or for some furniture to be removed etc. Maybe it’s changing the payment date to fit better with their pay day. Maybe they really want a pet. Thanking people by helping them in ways they actually want is better and more considerate.
You can change the rent on OR use ‘manage tenancies’ and ‘change rental amount’
Good luck
Hi. We pay our TT by going extra mile, like paying for emergency same day repairs sometimes, when it’s no emergency at all or going out straightway and opening the door for them when they locked themselves out (for no charge). When we were younger, we also helped our TT to carry personal belongings when they moved out or came to fix a shelf for those who didn’t know how to do it. Just some examples.
When we had our Polish TT (before Brexit), we always gave Xmas presents to each other. On the other hand, they paid for a plumber without involving us, when the sink was blocked and re-painted the ceiling when they were flooded by the neighbours above.
You can say thank you by many different ways, which involve your time and money other than lowering the rent. Though, we once offered just that to one lovely TT who felt she couldn’t afford her own place and wanted to move out to a shared accommodation. I guess, you can not raise the rent when rents go up. Many LL do that.
I would agree with David240. Reducing the rent is not a good idea, in part because the RRA is going to make it much harder to increase rents later, but also because it may make it harder later to argue that you need the market rent for the property, (which you probably will with all the extra costs). If you’re satisfied with what he’s doing, then I suggest a one-off payment as a gesture of support.
I have the opposite view I have reduced rent for a great tenant.. Whatever you do will be good and show what type of a landlord you are