Rent increase

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    Rent increase

    Really don't want to increase rent to potentially rock the boat... But with potential up coming changes is it wise to increase rent to current maximum market value now?

    #2
    How much less than the market rate are you charging now?

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      #3
      Only about £100, although that could potentially be breaking point for all we know. Happy with what we get to be honest, but if in a year's time I can't increase rent beyond what's classed as reasonable if rules come out then I'll never catch up to correct rate unless it's a new tenant so we can negotiate a rate at the start of tenancy

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        #4
        You know your tenant best.... how will they react to what ever increase you have in mind.

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          #5
          No one likes to pay more..
          ​​​​​After going through the white paper and potential issues I imagine there's alot of people thinking the same thing, I can't see how they didn't forsee this cause and effect to the tenants

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            #6
            I agree that we all have to think about the impact of the white paper, and rent increases is one of them, instead of just increasing it have a chat and discuss the issue and the amount you are proposing, if they are a good tenant then keeping them in situ and happy is the first priority.

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              #7
              Upcoming changes (quite a long time away) will not prevent you putting rent up, just limit you to 1 per year with 2 months notice. If you are happy as things are why go up to the max? I would put it up a bit so you don’t get too far behind the market but which won’t hurt your tenant too much.

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                #8
                Bit spooked tbh with some saying any rise above inflation index will be seen as unreasonable.. good practice not to fall too far behind but feels an awful time to put rates up even though our costs have gone up. Thankful for peoples input though.

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                  #9
                  You need to revise rents regularly. Far better to seek small increments of 5pc or so rather than 10-15pc if too far below market value.

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                    #10
                    This is a business. Keep your prices near the average for the market or you will have issues down the line.

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                      #11
                      Originally posted by DPT57 View Post
                      This is a business. Keep your prices near the average for the market or you will have issues down the line.
                      Totally agree.... next year i am going to be doing just this.

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                        #12
                        I always review my rents annually & usually this results in a small increase. Because I have not fallen far behind market rates I can absorb some of these costs and give my tenants a 'normal' rent rise this year. When rates stop going at the ridiculous rate my annual increments will allow me to catch up again.

                        Its just another reason why small, annual increments are a good idea.

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