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Tuc and other land lords, have you or are you going to raise your tenants rent?

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Stone
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2008/05/21 19:02:10 (permalink)
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Tuc and other land lords, have you or are you going to raise your tenants rent?

If no, why not?

If you are, how much by? Either by amount pcm or by percentage.

Im putting mine up when the people leave in 6 weeks time.

Would take the piss if I upped it now, especially as theyve been sound.

Hazard a touch of narcissism without shame.
There is no room for junk food in any diet whatsoever, leave the junk in the bin.
#1

23 Replies Related Threads

    paulthebuilder
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 19:06:24 (permalink)
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    Rent will be coming down soon enough mate.
    Repos are that cheap round here at the moment that landlords are covering repayment mortgages from the rent, and not interest-only.

    Won't last long, I think.
    #2
    MrMauy
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 19:10:28 (permalink)
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    no I haven't and at the moment have no intention to untill they reach they have been in there for a year (another few months yet) as they have been very good tenants.
    #3
    ThePluggedOne
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 19:13:42 (permalink)
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    Nope, Im on a fixed 5 year deal with the guy who owns all the other flats in my block.

    Making bad life choices since 1976!
    Twitter: @PLUGDIN1
    #4
    johnnybike
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 19:36:04 (permalink)
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    Had same tenant for 3 years in one place and kept the rent the same. I am happy with her, she is no trouble and looks after the house well.

    No point in risking her moving on for another £20 a month or whatever
    #5
    Clair1111
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 19:40:20 (permalink)
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    I've put one up and and keeping one the same!!!

    Around where I live there has been a massive influx of rentals come on the market - looking out my window I can see three, so everyone is bringing their prices down in order to get the tenants. This is making prospect tenants look at houses instead of flats/apartments as houses are more affordable - so I have bumped mine up a little as I am not particulary interested in chavs moving into my house at a low cost because in the long run it will cost me!

    However my apartment which goes onto market next month is staying the same as it never stays on market for more than a week or two - so even though it will remain a little high against others in town I shouldnt have an issue - again its the whole chav thing a little!!

    I always try and keep good tenants on the same rent......it usually covers any little fluxs and I would rather try and keep tenants in than keep going through the in's and out's of trying to rent propertys out!

    #6
    tuc biscuit
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 22:16:24 (permalink)
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    I'll be putting all rents up around 3% after every 12 months.

    I wish I was more attractive like Dagless.
    #7
    Stone
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 22:29:14 (permalink)
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    Cheers, thanks for your comments, everyone. Pretty much everyone of your posts have a little something for me to think about.

    Just that Ive read a few articles in the papers saying expected rises are going to be as much as 50%! but this was for an inner london flat.

    Im not sure how much to up it by but Ill still check what people will do on singingpig forums, just wanted to get some of your opinions.

    I was thinking about a 10% increase.

    Hazard a touch of narcissism without shame.
    There is no room for junk food in any diet whatsoever, leave the junk in the bin.
    #8
    187
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 22:32:39 (permalink)
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    check the local market mate.
    #9
    JK2
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 22:39:57 (permalink)
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    Our scu...I mean landlord increased our rent by only a nominal amount this year.

    He's terrified we'll move out and leave him with an empty flat. Rent prices have peaked in the area (E/EC London) and tenants are unwilling to accept rent increases.

    If house prices continue to fall I'd expect to be able to negotiate a rent reduction.

    #10
    Stone
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 22:55:58 (permalink)
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    Thats pretty fair but although house prices have fallen, its harder to get a mortgage hence why there are approx. half of mortgages being declined (source from bbc, cant remember exact webpage though).

    The percentage of deposits for mortgages have risen not forgetting current inflation of other things which eat into a persons disposable income i.e. notably fuel and food to name a few.

    house prices are falling yes and it would be a good idea if you had the money to buy but tbh, if you dont, youre just in as bad position as compared to last year.

    im only reacting to what is being done on the market and what others are doing, especially when it makes you more money.

    the 2 places i have, i dont doubt itll be empty, theyre both in an area with a high amount of young professionals and its also in a uni area. i managed to get tenants at my places within a week by advertising using a free site at a price which is near the higher end of the immediate post code.

    ill make up my mind in the next 3 weeks or so.

    Hazard a touch of narcissism without shame.
    There is no room for junk food in any diet whatsoever, leave the junk in the bin.
    #11
    JK2
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 23:05:18 (permalink)
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    I guess everything's down to your local market, but round here no-one would swallow a 10% rent hike.

    #12
    Stone
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 23:13:03 (permalink)
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    ORIGINAL: JohnKerr2

    I guess everything's down to your local market, but round here no-one would swallow a 10% rent hike.


    too right mate, in all honesty, i just wanted to get an approx. figure wherever in uk, look at my area and just have a play around with numbers on my spread sheet.

    plus from what you said, about the ll being a wank3r for doing it but again, id have new tenants so wouldnt feel as bad than if i hiked it up for good tenants who have given me nothing but hassle free rent.

    Hazard a touch of narcissism without shame.
    There is no room for junk food in any diet whatsoever, leave the junk in the bin.
    #13
    JohnOvManchester
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/21 23:25:48 (permalink)
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    Do domestic properties have a rent reveiw?
    Do landlord put rent up to a current market value?
    Wouldn't you just put it up in line with inflation?

    (I know nothing about this... just questions/curiosity)
    #14
    tuc biscuit
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/22 06:58:49 (permalink)
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    ORIGINAL: JohnOvManchester

    Do domestic properties have a rent reveiw?
    Do landlord put rent up to a current market value?
    Wouldn't you just put it up in line with inflation?

    (I know nothing about this... just questions/curiosity)



    you can build it into the tenancy "rent is £500 rising to £525 after 12 months", I am no expert yet, but am under the impression you can only raise the rent after the tenants have been there 12 months (if anyone knowsbetter feel free to say different)

    round me the rental market is strong, lots and lots of enquiries about properties

    to tenants it may seem greedy, but you do have to keep up with inflation

    I wish I was more attractive like Dagless.
    #15
    MrMauy
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/22 07:45:32 (permalink)
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    ORIGINAL: tuc biscuit

    you can build it into the tenancy "rent is £500 rising to £525 after 12 months", I am no expert yet, but am under the impression you can only raise the rent after the tenants have been there 12 months (if anyone knowsbetter feel free to say different)

    round me the rental market is strong, lots and lots of enquiries about properties

    to tenants it may seem greedy, but you do have to keep up with inflation



    You are allowed to review the rent (based on an assured short term tenancy) at the end of the initial 6 month period and then every three months after that by giving a months notice in writing (There was talk of lowering this to every month once outside of the tenancy) unless you ask them to sign a further AST in which case you have to wait the 6 months again.
    #16
    tuc biscuit
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/22 07:47:18 (permalink)
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    ORIGINAL: MrMauy


    ORIGINAL: tuc biscuit

    you can build it into the tenancy "rent is £500 rising to £525 after 12 months", I am no expert yet, but am under the impression you can only raise the rent after the tenants have been there 12 months (if anyone knowsbetter feel free to say different)

    round me the rental market is strong, lots and lots of enquiries about properties

    to tenants it may seem greedy, but you do have to keep up with inflation



    You are allowed to review the rent (based on an assured short term tenancy) at the end of the initial 6 month period and then every three months after that by giving a months notice in writing (There was talk of lowering this to every month once outside of the tenancy) unless you ask them to sign a further AST in which case you have to wait the 6 months again.



    fair enough, sounds good to me


    I wish I was more attractive like Dagless.
    #17
    Growbag
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/22 07:55:56 (permalink)
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    I think Tuc is right, when my tenants have been there 12 months I will review the rent, a 3% increase sounds about right and I think would be acceptable where I live.
    #18
    Mobster
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/22 08:45:20 (permalink)
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    ORIGINAL: onion

    check the local market mate.



    That's what I'll do. I think I can get £350.00 as opposed to the £320.00 I get now - esp if I say that's it for 12 months.

     
    #19
    JK2
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    RE: Tuc and other land lords, have you or are you going to raise your tenants rent? 2008/05/22 09:31:07 (permalink)
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    ORIGINAL: JohnOvManchester

    Wouldn't you just put it up in line with inflation?



    You would think that would be the honorable and decent thing to do, wouldn't you?

    (Don't start me on landlords...)

    #20
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