Active discussions

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Should I increase the rent?

257 replies

Everywheretwice · 03/04/2024 07:30

I own a property that I rent to a lovely family, a couple and their primary age son. They both work full time. The wife's father also lives with them, he works full time too.

They've been in the property for 6 years, they have always paid £800pcm, on time, no issues, and I've never raised the rent. Market value now would be at least £1100.

I'm torn between raising the rent slightly to help cover increasing costs associated with the property, or leaving it as it is because I like them.

OP posts:
Original poster
Everywheretwice · 03/04/2024 07:41

BrocolliLand · 03/04/2024 07:34

Give a generous amount of notice to increase and increase to £950.

Thanks for your post, yikes that seems like a lot!

OP posts:
ForestBather · 03/04/2024 07:40

You are not a charity, so need to cover the costs involved in running the place. It's a business, raise the rent. They've been lucky not to have one so far. Maybe you don't need to increase it all the way but enough that the business is working and covering the costs involved.

Original poster
Everywheretwice · 03/04/2024 07:40

@RandomButtons I've always absorbed the costs as they were minimal but now the difference in materials and insurance etc is noticeable 6 years later and post covid!

OP posts:
PotteringAlonggotkickedoutandhadtoreregister · 03/04/2024 07:35

I rent out a house. I don’t cover my costs but I’ve kept it low because, like you, I liked my tenants and I wanted to make life easier for them.

they’ve now stopped paying their rent in full and are paying it as and when (didn’t pay full rent in feb, nothing yet for March) and I suspect part of that is because I didn’t see it as the business that it is.

raise the rent.

BrocolliLand · 03/04/2024 07:34

Give a generous amount of notice to increase and increase to £950.

Zanatdy · 03/04/2024 07:33

I think it’s fairly normal to have a rise most years, I do in my rental property. They have 3 incomes so should be able to stretch to a higher amount

RandomButtons · 03/04/2024 07:32

Are you currently covering your costs and setting enough aside for repairs? if no then totally fair to raise it.

You sound like a very generous landlord.

Swipe left for the next trending thread