Rent Increase

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  • jpkeates
    replied
    It's increasingly difficult for me to get any kind of feel for what the market rent for a property might be.

    There are no properties available to rent that are similar to mine in the areas that I let.
    The few that do appear vanish in hours and have rents that seem pretty random to me - and, based on a conversation with my letting agent are probably not representative of what rent is actually achieved.

    But that seems to be as much about people not moving more than increased demand, it's supply that's collapsed as people are staying put.

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  • landlord-man
    replied
    Originally posted by doobrey View Post

    Personally I cannot envisage a scenario where I would max out the rent being charged to my tenants so that I could enjoy 'a few nice holidays'. (In case anyone was wondering why landlords tend to be so widely despised...)
    That's one way to look at it lol

    I would look at it that I would be charging EXACTLY THE SAME as every other similar property in the area as that is the MARKET RATE for that property.

    Yes, I'd use the money to enjoy a few nice holidays - or to maintain the property to a high standard (as I also said but which was conveniently ignored lol).

    Tenants - just like grocery shoppers - will ALWAYS complain about price rises so I guess every business is to be despised.

    Personally, I think the LLs who break the Law are the ones to be despised but if you wish to generalise then it's your viewpoint.

    Provide a well maintained property at the correct rent and you will have tenants banging on your door.

    I do wonder how some of you "social landlords" will cope when you have to adapt your property(s) to meet EPC targets or install new heat pumps etc - you'll wish you had that "holiday fund" ready then. Don't forget you wont be able to hike your rents as your conscience won't allow it.

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  • doobrey
    replied
    Ahem. *fairly.

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  • doobrey
    replied
    Approach depends on various factors - including perhaps most obviously whether they are good tenants.

    Personally I cannot envisage a scenario where I would max out the rent being charged to my tenants so that I could enjoy 'a few nice holidays'. (In case anyone was wondering why landlords tend to be so widely despised...)

    Agree with the approach suggested in post #7. Discuss with the tenants, point out that they are paying below market rent and implement stepped increases. A fairy widely-accepted tenet of business is to leave something on the table.

    You can of course evict using Section 21 for any reason if you wish, once they are out of fixed term.

    It wasn't the original question, but FWIW consensus here always seems to be to let tenancies go periodic.

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  • landlord-man
    replied
    So the Country is NOT drastically short of rental properties after all then.

    Maybe just me being lucky then as i have people waiting to move in before anyone moves out - and thats without advertising.

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  • mokka
    replied
    Agree with everyone else here really. Push it up high enough and they will have their feathers ruffled and may leave out of spite leaving a void.

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  • flyingfreehold
    replied
    It is a paradox but you will make more money as a landlord in the end by charging less than the best open market rent. This is because your tenant will tend to stay put, so less void time, less refreshing the property between lets, less default, less wear and tear with people moving in and out. Also if the tenants think they are getting a damned good deal, in my experience they are less inclined to take the P155. Ive got a few tenants holding over as assured periodic tenants for in excess of ten years

    Leave a comment:


  • Ted.E.Bear
    replied
    Things have been very volatile lately, I suspect partly due to the uncertainty amongst students over the summer having a knock-on effect.
    Rents were much lower a couple of months ago, then shot up near the start of term, they may not stay as high.

    You may get £800, for 3 months, then a void, then a refurbishment, then a new tenant at £700, who doesn't pay their rent and trashes the place...
    Or you may get £800 a month going forward, and everything is fine, who really knows?

    Leave a comment:


  • landlord-man
    replied
    But you'd still be doing yourself out of £1,800 per year.

    You're going to waste another 3 years after that getting to todays market rent of £800 - which by then will probably be £900+

    You're missing out on a few nice holidays or the cost in redecorating, recarpeting your investment for "free"

    Add to thst, you are helping to keep the LHA rates low in your area too. But I guess the rest of us taxpayers can thank you.

    So, only one losing is you then.

    Leave a comment:


  • TREK
    replied
    I have no intention of evicting my tenants but funny you should mention £50 per month as i thought that would be a reasonable amount as well.

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  • jpucng62
    replied
    I would suggest you might get away with £50 pcm increase with an explanation that a rent has not gone up for 4 years so there needs to be a significant rent rise. Then £25 cpm each year until you have caught up bit. Seems unfair to evict tenants for you taking you eye off the ball!

    Leave a comment:


  • TREK
    replied
    Landlords are actually getting £800 as there is a massive demand in the area as very few properties available for rent, the market has gone crazy, £1200 for a 3 bed semi in Liverpool.

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  • Neelix
    replied
    Is the £800 what they are being advertised for or what LL's are actually getting?

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  • jpkeates
    replied
    It does seem a huge increase in four years.

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  • TREK
    replied
    Yes i fully understand where you are coming from with the £2400 rent increase.

    Leave a comment:

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