Speak with your tenant, if he cannot afford an increase, don’t raise the rent, unless you need the extra money. “Market Rates” can be down to plain greed, though we do accept some buy to let landlords will have difficulty as banks have put up mortgage rates. It’s a Circle of inflation. Higher housing costs means workers have to ask for higher wages which puts up the cost of everything so landlords raise rents etc, and so it goes on.
I prefer to keep excellent tenants and sleep well in my bed, without the hassle that bad/aggrieved tenants cause.
I do wonder if us landlords weren’t buying/ owning housing stock perhaps house prices would drop to a level that was affordable for tenants. It seems that currently, unless parents help, there is no chance of getting on the housing ladder for ordinary working folk.
if landlords did not buy places to rent out even more people will be homeless. Local authorities and housing assoc,. do not have enough places
But landlords often just buy from other landlords. Doesn’t increase the number of houses for rent. Landlords building new houses does.
can only speak for me and other landlords who I know… None of us have bought off other landlords . Bought rundown private houses to do up and rent out
Then there’s no worry about LL selling up en masse ))) They’re all selling to other LL.
Not true for me, not with any of my properties. Where did you get this information from? Can you point us out in the right direction?
On a separate note, one might be crazy to start landlording now. I personally know a few accidental LL who got burnt and said “never again”.
I also know a few council TT’s LL who are trying to sell really cheaply, but nobody is buying with council TT in situ.
That’s good. Thank you.
I’m not an accidental landlord…consciously decided to become a landlord, but even I’m regretting it right now haha. It can only get better from here.
I think we can all agree long term Ts who pay on time and stay while taking care of your hard earned are great. I as LL make it clear that to new Ts the rent paid will not increase during there stay/tenancy. However I did recently make an exception to this. Balham 2 bed 2 bathroom flat has shared Ts one contract, one T (who is excellent) and has been there for 5 years is in professional employment and has always found replacements when required (3). In a way this isn’t fair on my long stay T and of course rents have increase by 25% in 5 years for this area. I recently increased the rent by £200 still £250 under todays market value. Within one week of doing so, the dishwasher needed replacing light switch click cord replacing rear garden upvc door and attached upvc side window replacing and a request to remove old garden shed. Since the government took away mortgage interest followed by wear and tear allowance, applied the 5 week deposit limit there not much left for letting property at reduced rates just because you have a good tenant.
I think we’re getting to terms with having bigger in-between periods and paying council tax ourselves. But we will be ever so picky. Not that it guarantees anything but we won’t be taking any chances.
We won’t be “giving a chance” to anyone, either. We did before, to Polish TT, and we didn’t regret. But not anymore. From the posts here and on Reddit, TT love the witch-hunt on LL. They don’t get it that they’re the ones who are suffering the most. Well deserved, I would say because they hate the very people they need. )))
Ok just to ensure that I understood that correctly. While you kept your promise of not raising the rent for your long term tenant, your tenant was generous and didn’t request that you fix broken things for them. Then, when you broke the promise, your tenant asked you to fix things. So the conclusion should be that breaking your promise was a bad idea and didn’t pay off, right? You’re saying that it’s better to charge low rent and have a good tenant?
Personally I read it along the lines of before the rent increase TT was happy to fix things or “put up” with things that were broken or didnt work fully however after she increased the rent the TT thought “if thats the case i want it perfect and will report ALL jobs that need doing” either way it seemed that increasing the rent may have cost LL more in short term if not long
No, not much income is to have, if any. That’s why I’m all for upholding market rent increases. While keeping flats in a good state of repair at all times. Nobody should do any favours to anyone. And TT know it well.
By the way, your good T doesn’t sound good anymore, now that their rent is “only” £250 below market rate. They don’t appreciate it at all. Just saying. We’re currently evicitng T who, after every modest rent increase made the right scene on the phone and then was making us run rounds for months on end, calling us a couple of times a week and complaining about non-existent mold, infestation, roof leak (she switched off her bathroom fan, and condensation was dripping from the ceiling). I’d love to see how she will find a new place now with CCJ. Especially as she’s paying a shared room’s rent for the whole flat.
But LL definitely has responsibilities, and low rent does not cancel them.
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