Rent Rises in 2020

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    Rent Rises in 2020

    I cancelled all my annual rent increases when Covid hit. Since then some people have really suffered financially and others haven’t. In addition LHA rates have increased substantially for anyone needing support which appears to have had the knock on effect of increasing the rent of properties now on the market.

    What are LLs doing about rents where tenants have not been unduly affected? My costs as a LL have not diminished and if I cancel this years increase I am effectively losing that money every year going forwards unless I apply a bigger rise next year. I just wondered what other LLs are doing?

    #2
    Originally posted by jpucng62 View Post
    I cancelled all my annual rent increases when Covid hit. Since then some people have really suffered financially and others haven’t. In addition LHA rates have increased substantially for anyone needing support which appears to have had the knock on effect of increasing the rent of properties now on the market.

    What are LLs doing about rents where tenants have not been unduly affected? My costs as a LL have not diminished and if I cancel this years increase I am effectively losing that money every year going forwards unless I apply a bigger rise next year. I just wondered what other LLs are doing?
    Haha I just put up a thread that goes to the same question but from the polar opposite:

    https://forums.landlordzone.co.uk/fo...isting-tenants

    Interesting, so you normally increase all your rents annually?

    Comment


      #3
      See also:
      https://www.bbc.co.uk/news/uk-englan...ix%20months%22.

      Comment


        #4
        Originally posted by Self sufficient View Post
        Interesting article. I recently read elsewhere that London rents are already starting to fall, because with working from home now more and more commonplace people don’t feel the urge to splash out on a tiny overpriced central London apartment anymore and instead choose to move further away, still allowing them to travel to work once or twice a week but also enabling them to rent a much bigger property... so this might be a bit of an actual non-issue?

        Good to read this though:

        The mayor is also asking for grants to allow renters to stay in their homes to clear arrears
        But funny that he sees the Berlin rent freeze as desirable. That piece of communist legislation (the Berlin city state is governed by the German labour equivalent in coalition with the successor of the ruling party of the GDR, called ‘die Linke’ or ‘the Left’) is widely deemed to be in breach of the German constitution and might be killed by Germany’s constitutional court fairly soon... But hey ho, whatever rocks his boat I guess.

        Comment


          #5
          London is also different to many other parts of the country so it’s not always useful to use it as a model.

          Comment


            #6
            Originally posted by ChrisDennison View Post

            Interesting article. I recently read elsewhere that London rents are already starting to fall, because with working from home now more and more commonplace people don’t feel the urge to splash out on a tiny overpriced central London apartment anymore
            I thought it was because of huge amounts of Airbnb converting to resi?

            Comment


              #7
              Originally posted by boletus View Post

              I thought it was because of huge amounts of Airbnb converting to resi?
              That trend exists too, but I was referring to this article:

              https://www.theguardian.com/money/20...-data-suggests

              Comment


                #8
                I have read that airbnb bookings are up 16% on this time last year and hotel bookings down by about 36% (can't remember that figure exactly)

                Comment


                  #9
                  I don't plan on going ahead with my annual rental increases this year as a kind of thank you to my tenants for not taking the p**s.

                  Comment


                    #10
                    Good tenants don't get a rent increase for at least 3 years.

                    Comment


                      #11
                      In my part of London there is no market justification for rent increases and imo increased individual landlord costs is not a reason to raise them.

                      Comment


                        #12
                        Originally posted by DPT57 View Post
                        In my part of London there is no market justification for rent increases and imo increased individual landlord costs is not a reason to raise them.
                        Where I rent properties (Beds / Northants / Nottingham) rents have risen substantially and availability has fallen. So my question is still, 6 months on from everyone being told to stay at home and with normality of work returning for many tenants (I accept not all) and many people not unduly financially impacted by the pandemic, is it reasonable to increase the rent?

                        Comment


                          #13
                          Well if the market rent for your properties has increased and you think that there would be a good prospect of re-letting quickly and there is a low risk that your existing tenant will stop paying rent altogether then from a business point of view, it makes sense to increase the rent. Having said that, I would not do it at the moment if I knew it would cause hardship to a good existing tenant.

                          Comment


                            #14
                            Originally posted by jpucng62 View Post
                            So my question is still, 6 months on from everyone being told to stay at home and with normality of work returning for many tenants (I accept not all)
                            Well it doesn’t look like normality is returning anytime soon for pretty much all of us...

                            Comment

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