Should I risk increasing the rent?

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    #1

    Should I risk increasing the rent?

    I have had the same tenant in my 3 bed house for nearly six years now.

    Part of her rent is funded, but she pays me directly from her bank account via direct debit. Her rent has never been increased since she moved in and now I would like to increase the rent to be more in line with what is being asked for similar properties in the area. I never increased the rent because she has always been reliable at paying and is a long term tenant. She is supported by Social Services because she has health issues and she has a care worker. I have been told that if the rent was increased she would not be able to afford to stay in the house, and would not get an increase in benefit to cover the extra rental cost as the house would be seen as too big for her. So, I'm in a bit of a quandry. Do I increase the rent to get an extra £50 or so per month and risk a string of short-term tenants and the need to get a management agent in (I don't live where the property is) or do I leave things as they are? Just wondering what you more experienced landlords would do.
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    #2
    Well, you have stated the facts of the case and the eventual outcomes - only you can decide, but for a mere £50 PCM is it worth all the hassle you describe. A word with a good, established property letting agent may help you in your decision as to what other tenants are available for the property if you increase the rent and your tenant has to leave.

    P.P.
    Any information given in this post is based on my personal experience as a landlord, what I have learned from this and other boards and elsewhere. It is not to be relied on. Definitive advice is only available from a Solicitor or other appropriately qualified person.

    Comment

      #3
      There are certain times of the year that are better than others for a rent increase for tenants of HB. Speak to the council. Also she could apply for discretionary payment as well which is quite common.

      If the rent is coming in ok now i would let sleeping dogs lie and review again in 6-12 months time.

      Comment

        #4
        Originally posted by tomcat View Post
        Do I increase the rent to get an extra £50 or so per month and risk a string of short-term tenants and the need to get a management agent in (I don't live where the property is) or do I leave things as they are? Just wondering what you more experienced landlords would do.
        I'm not a landlord, but to my mind an extra £600 per year isn't worth the potential hassle. After all, you probably only need a one-month void and that £600 is wiped out.

        Peter

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