About rent increase(46 Posts)
I don't think I am but I'm interested to hear your thoughts. I share with flatmates. We've just had a rent increase in the last 8 weeks.
I'm coming up to renew my tenancy for a further 18 months. 2 of my flatmates are moving out at the end of the current tenancy but we've found ones to replace them at the start of this new one. The landlord wants to introduce a rent increase of 5.5% in month 12. I'm fuming. I think that's just exploitative and greedy. I live in London by the way and I have already said that none of us are a) getting a pay rise of that much b) will not be able to afford it.
Yes you probably are.
Rent increase once a year is standard.
Is it? By that much? Isn't it better to have tenants you trust? Andarent rents meant to be falling at the moment. I think I would prefer to move out in that case.
I've had a 7% increase every year for the last 4 years and I'm not in London. Standard. YABU.
Why? Do landlords' costs go up 5.5% a year?
Anyway, I thought they could only increase without your agreement at the end of the term (ie after 18 months for you). After all, he's getting the benefit of 18 months' guaranteed rent.
Anyone know if this is the case?
Rents have dropped 4% in London over the past year. This wont be equal accross London, but a quick google might tell you how it had changed in your area. I think your Landlord is trying it on. They will have significant costs (redecorating, advertising, lost rent before new tenants move in) if you decide to move out over this, so if you question the increase they may change their mind
Tell him London rents are falling and you propose a zero % rent increase.
Then be prepared to look for somewhere else. Check out market reports - london rents ARE falling.
you can at least look on RM and see what other properties you could get for the proposed new rent
indigox can I ask what sector you work in and if you've had pay rises of 7% every year?
I'm genuinely curious as to how you've afforded it. I would be either moving further out and/or moving to cheaper accommodation if that were the case - and if the first two were impossible I'd be on the streets!
We were in the same flat in London for four years and never had a rent increase. Same for our neighbours (different landlord). I would look to move and see if you can get somewhere cheaper.
YABU. Landlords are people too you know.
Landlords are people too you know.
what on earth does that have to do with it?
First house I lived In for 6 years with no rent increase. 3rd house 3.5 years, no rent increase. This house, 18 months, no rent increase so far.
I lived in my rather lovely flat for 4 years with only a £5/week rent increase in all that time about 18 months in, at a time when the market was defo hotting up and up.
It is WAY more profitable to keep a good set of respectful, on-time paying tenants than have to have a void period and much about with redecoration etc.
caretakertonuns do people commonly assume landlords aren't people?! I didn't realise most people didn't. Perhaps you previously used to think they were monkeys in disguise?
I thank you for pointing that out for me but I assure you I am most definitely aware that they are part of the human race, yes.
My LL has a freakishly long neck. I suspect she might be a giraffe.
YANBU. I rent in London, currently looking for a new place and speaking to lots of agents about the market. They all are very clear that over the last year rents have fallen. So unless the place you are in was massively below market value when you moved in, it is now worth less money, not more.
Even if that wasn't the case, and it very definitely is, a rise annually is not standard. If you are there a very long time then a raise may be requested at some point.
Your landlord may be ignorant or may know but be hoping you will want to avoid the hassle and cost of moving. The fact is that the market is quite slow and he has much more to lose from the property being empty even if just for a couple of weeks. He would also almost certainly have to re let the property at a lower rent than you currently pay. You on the other hand could possibly get a better place for what you currently pay than you did a year ago.
I would be tempted to show great surprise and say that given that rents have fallen you will have to reassess your position. You could suggest he speak to an agent for advice, they will tell him this. There is a danger he might not renew the contract, so if you really don't want to leave be aware of that risk. I would be minded to not accept the rise and leave if he holds out. I know only too well how difficult looking for a rental and moving is in London, but still.
If he agrees to a smaller increase that you could accept, even though you should not have to, because you'd like to stay, make sure you pin a condition on it of any maintenance or improvement you need.
My LL has a freakishly long neck. I suspect she might be a giraffe.
5.5% seems a lot considering you've just had a rent increase not long ago. Although, my rent increased £175 over a 3 year period (annual increase) at my last place. If he's proposing the increase with the new contract, the options are trying to negotiate, accepting, finding alternative accommodation now or requesting a break clause allowing either side to give notice after at least 6 months which could give you a bit more time but doesn't have to be agreed to.
It is unfair but there isn't a huge amount that can be done. I'd personally prefer good tenants than more money, it's so much less hassle but I'll bet there will be someone along like a bus ready to snap that offer up. Unfortunately most people are having to move further out due to affordability, leaving high earners or what some would call "desirable" people behind, this isn't really a new thing
Hello meowstro yes I think you're right. We've offered a break clause but they've come back and said they'll only offer us a 7 month tenancy in that case. It just doesn't seem worth it. We might as well find somewhere else now which we can definitely do for cheaper so I think we will.
I hope they do have a void gap and they are forced to lower their rents below what we are currently paying when new tenants finally accept. They are being greedy and spiteful and that would be fair comeuppance.
meanager my landlord scuttles away awfully fast and gives me the heebie jeebies. I suspect he might be a cockroach.
There was a story on Radio 4 yesterday that London rents are due to drop by 2% in the next year, so the landlord may well be chancing their arm with such a big increase
It is probably worth doing a bit of house hunting in the meantime to see if you can get something better value
No it is not 'standard' to have a rent increase each year, how ever much landlords might wish it were. My LL has just requested a small rise, previously we were paying the same rent for 5 years. At the previous house we were renting, there was one rise after 3 years - which actually prompted us to move here, slightly smaller, but much better value.
It all depends on the local market, of course, but I heard rents were dropping in London? (I am in the Midlands).
Oh, and this area of the city is 'sought after' in estate agent speak, with good schools, etc., in case you assume it 's a dive.
I'm a landlady and I don't increase the rent during a tenancy (I was going to say unless there's a good reason, but I never have). Have you pushed back, reiterating what good tenants you are?
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