Looking for a landlord’s perspective here, as I’m a tenant and feel this is somewhat unfair.
We had an offer accepted for a tenancy at a £50 discount from asking, for a 24-month term. I felt it was fair for the area, as their asking was on the high side, but not far off and it was a nice property.
Anyway all seemed great, and the reference checks passed for us both.
At the contract signing stage, we receive an email from Openrent saying a custom clause had been added:
The landlord and tenant agree to a Rent Review on the first anniversary of the lease. The Rent review is to be in line with inflation using the Retail Price Index (RPI) and is upward only.
We challenged this, asking for it to be removed. They refused, so we offered to accept a rental review clause based on the ONS’s London property index, with the floor removed (so it could go down as well as up). We figured this would keep them in line with the market, and would be difficult to argue with.
We were wrong. They held firm, and asked us again to accept the clause. We also held firm, so our deposit was refunded.
As this our first experience with Openrent and Rentnow, I want to gauge the sentiment here in case it’s common and we encounter it again. Would you feel this is a fair clause as a landlord?