Tenancy renewall/rent increase

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    Tenancy renewall/rent increase

    Hi

    So, the tenancy is nearing expiration. Last year my tenant renewed, I did not increase the rent. He has been paying the same for 2 years. It wouldn't be unreasonable to ask for a 2.85% increase in rent price for the new renewal due to inflation, would it? It's an area I am quite naive about, i must admit!

    #2
    If the tenant is signing a new tenancy agreement, you can suggest any increase and the tenant is free to agree. He doesnt have to sign a new tenancy agreement.

    In practice, a CPI increase is easy to explain, but the price increase isnt what really matters, what matters is how your rent compares to the rent of equivalent properties in the area. And also take into account how far you are willing to push. Would you evict the tenant if he didnt agree to the 2.85% or would it just be good if you could increase the rent a bit?
    All views posted reflect my personal opinion only and do not constitute professional advice which I am not qualified or knowledgeable enough to provide.

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      #3
      Probably, but it depends - what are typical actual rents PAID (not advertised) for similar properties in similar conditions?? - Could be less..

      Remember a new tenant will cost you more in one year than 2.85% rent increase will get you -
      I am legally unqualified: If you need to rely on advice check it with a suitable authority - eg a solicitor specialising in landlord/tenant law...

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        #4
        Our last rent increase was 8% i would have been happy with what you are suggesting. Its caused us to look for another property as its now too expensive

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