Landlords, how often do you raise your rent? And by how much?

(27 Posts)
TheSamling Mon 21-Jan-13 19:30:25

just that really. Our landlord does it biannually, but this time is trying to hit us with a 10.5% hike. What is the norm?

Mum2Fergus Mon 21-Jan-13 19:37:33

Ive been renting this house for 3 years and am paying same since start. Previous house was in 10 years and over that time it went from £320 to £425.

Haylebop12 Mon 21-Jan-13 19:37:33

Bumping and watching as we are about to enter our First long term (good few years) rental property.

UnexpectedItemInShaggingArea Mon 21-Jan-13 19:40:39

Rent review every year.

Only increase it if underlying costs have gone up - e.g. Rent includes council tax and water rates so if they increase, rent goes up.

10.5% sounds a lot. Is it a competitive? Have you looked around to compare?

TheSamling Mon 21-Jan-13 19:47:20

the house we rented before this one we were in for 6 years and the rent went up twice, by £60 in total!! So this is a bit of a shock for us. We know other tenants in a house the same size owned by the same ll who are paying £100 less a month than us. So I'm a bit hmm about it tbh.
he made a big thing about other landlords raising the rent every year, but this has never been our experience, and i just wondered if we had been lucky thus far.
He has told us that it is in line with inflation over the last two years. By my calculation he has it wrong, by about 4%. I'm not sure whether to go back and tell him this, my instinct says no, as he'll think I'm being a smartarse, but to just go back and explain that Dh has had no Patrice for the last two years, and all our other costs have increased in line with inflation, and that we can only manage a 5% rise. Which is in fact the case. Is that reasonable do you think?

TheSamling Mon 21-Jan-13 19:51:04

Patrice = pay rise!
Unexpected, the rent we pay now IS quite competitive, but this is an estate owned property which has been in his family for generations (so no mprtgage for his to pay) and we are going to be long term tenants, so I assumed this was why.

RugbyWidow7 Mon 21-Jan-13 20:02:10

Our rent has always gone up annually. 5 % is fair and the increase we usually expect

I have never raised the rent in six years, I would rather keep good tenants.

Timetoask Mon 21-Jan-13 20:17:09

I prefer not to raise the rent because I like my tenants, we don't have a mortgage but we use the income in our home budgets. The problem is that insurance goes up every year, also we have let a flat rather than a house and the management company raise their fees every year at an extortionate rate, just because of this we are forced to raise the rent every couple of years but only by about 4% (which doesn't cover the raises aforementioned)

sydlexic Mon 21-Jan-13 20:20:33

I haven't raised the rent for four years, long term good tenants.

TheSamling Mon 21-Jan-13 21:08:23

Time to ask, when you raise it by 4% is that per year of tenancy since last raise or just from the current rate?

specialsubject Mon 21-Jan-13 21:27:30

a decent tenancy agreement will specify the max rental increase - but that is a lot.

However you have a choice....

fatnfrumpy Mon 21-Jan-13 22:53:36

We raise ours early but only if the mortgage rate goes up, which hasn't!

fatnfrumpy Mon 21-Jan-13 22:53:49

yearly

TheSamling Mon 21-Jan-13 23:59:20

We do special subject but it took us a long time to find this place, and we love it and have made long term plans around being here. I'm going to explain our circumstances to the landlord and see if he'll compromise. It's worth a try!

Booyhoo Tue 22-Jan-13 00:05:01

i was in my first home 6 years and no increase in rent during that time.

last house i was only in a year anyway and this one i've only been in 7 months. i really hope landlord doesn't intend to increase it every year although i would be prepeared to pay more if he did all the work that he has prmised and hasn't done.

nocake Tue 22-Jan-13 08:09:19

We haven't raised it in 5 years. TBH the market where our flat is won't stand a price increase. It's been completely flat for those 5 years.

MrsBucketxx Tue 22-Jan-13 08:11:50

We never have, if it covers itself surely that all that matters.

FruitSaladIsNotPudding Tue 22-Jan-13 08:18:28

Our last two LL's haven't raised the rent at all. I presume their costs haven't changed and they want to keep good tenants.

pluCaChange Tue 22-Jan-13 12:01:13

I think offering 5% is more than enough. Point out that if your LL finds tenants through an agency, that's 1 month's rent gone, out of 12. Add a potential void snd that's 10%+ of what they hoped to make for the year, gone.

TheSamling Tue 22-Jan-13 13:46:13

Hmm, he manages the estate himself Plus, but I know he's had bad tenants previously. Am drafting 5% proposal today so I'll see what he says.

pluCaChange Tue 22-Jan-13 15:13:03

Even if he manages himself, the "finder's fee" eats up rent.

Good luck.

MirandaWest Tue 22-Jan-13 15:15:08

I've been here nearly three years and rent hasn't gone up (yet).

TheSamling Tue 22-Jan-13 18:55:57

Hurrah, he agreed! Phew! Thanks for everyone's input!

INeedThatForkOff Tue 22-Jan-13 19:20:12

We haven't either. I can only see increasing it by, say, £25 if at all in the next few years.

crazyhead Tue 22-Jan-13 19:45:16

I raise by inflation (about 1-2%). My tenants have been for three years and the place is definitely well below market rate but frankly it does OK and they are nice so I wouldn't raise it more.

AuntLucyInPeru Tue 22-Jan-13 20:02:48

5% a year, if market rates substantiate this. Nothing if not.

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