Hello all,
The rental contract with my tenants runs out on the 24th Jan 2023. I may have left it late, but I’d like to bring the rent up to match the market rate, (it is below the market rate currently). Can I do it with less than a month’s notice? Thanks
You dont need to renew a tenancy agreement. It just becomes rolling periodic when the fixed term expires. This is generally better for both parties. As a landlord it gives you more flexibility to incresse rents or to act if the tenancy turns bad.
You can then increase the rent either by simply agreeing the new price with the tenant informally or by serving a s13 notice, which has to be at least a months notice. You can write or send the s13 notice to the tenant now to begin the payment after next.
If I was a tenant, I would not be happy having less than a months notice to pay an increase in rent particularly in the current climate but I appreciate that I don’t know your situation and the increased costs you face.
My rent is below the market value, but I am fortunate position where my property management costs can survive the increase in financial pressure, my tenant however probably is struggling with the bills now.
A month before the contract was due to move to a rolling contract, I spoke to the tenant and asked her if she wanted to stay on and whether she wanted another fixed term contract or rolling. I also reassured her that I would not be increasing the rent in the next 12 months I value her as a good tenant and would spend more getting a replacement tenant in if she decided it was a cheaper option to go into a shared house or move in with her boyfriend.
In short - NO.
S13 one months min notice, I tend to give two so the tenant has more time to get the standing order in place and budget accordingly.
No you need to give min 1 month but i give maybe 7 weeks for them to get used to it. I just write a note to them clearly stating start date and amount and often put a couple of lines as to why,. Typically inflation and/or market rate. I dont go for max rents maybe 5-10% under to minimize turnover…. Unless you have an awful tenant and you can thus encourage them to go
If you are in Wales its now 2 months notice. The tenancy doesn’t just end like falling off a cliff. It becomes a rolling contract so continues with 2 months notice by you and one month from your tenant.
Not a good idea to increase rent because its below current rents. If you have greater costs then there’s justification otherwise value a good tenant. There are lots of people looking but not many reliable.
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