About rent increase

[ravenbird34]

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.

So aibu?

[Joey7t8]

It's a free market. If you don't want to sign up to a rent increase then don't. Find an alternative place to live for a similar rent.

[Gingerandgivingzerofucks]

I want to keep my amazing tenants, so I will not be increasing their rent, ever.

[youaredeluded]

You might not want to pay it, but your LL isn't being unreasonable. He or she is free to pick the rental price. You are free to take it or leave it.

[RaspberryPi1]

London rents are falling. Speak to her with a counter of 0. Maybe a polite reminder thst you've been a good tenant, and hopefully paying on time every month!

[ravenbird34]

Glad to know I'm not BU. I didn't think I was.

To be honest I think even if they did now agree to take off the increase we would move out. Partly because I've looked and what we are currently paying is above the current market rate let alone this increase they want to schedule in which is very steep in itself. But mainly because I just really dislike their attitude and greed and I would feel more comfortable and secure being a tenant in somebody else's property and I work Gardner. For my salary and certainly don't want to be handing over hard earned cash to somebody like this. They are welcome to find other mugs tenants

[ravenbird34]

I work hard for my salary not I work as a gardener

[sleephypnosiszzz]

we rented in london for 4.5 years - the landlord was quite 'forgetful' and often out of the country, plus we always paid on time and never asked for anything so i think we slipped off his radar.

after 2.5 years he increased the rent by 17% and despite it being a big shock and struggle, we agreed as we weren't in a position to move at the time. a year later another 14% rise was announced citing average rents in the ("up and coming" area). we managed to negotiate paying "only" a 10% increase and going on a month-to-month contract so we could get our act together to buy.

now our mortgage is less than half what our rent was and it's a huge relief but also makes me wonder about the huge profit margins our landlord must have had. i couldn't have coped with the continued pressure of huge rises when my partner is self-employed and my salary tends to go up by very little each year unless i get an actual promotion.

[ravenbird34]

sleepyhypnosiszzz I just think that is really shameful on your landlord's part.

I know people say well they're free to do what they want and you're free to take it or leave it but I have never bought that line and I think it completely lacks any decency or morality to ask people to pay so much more for a basic right to shelter when they will be aware the cost of living is going up and salaries are not.

The balance of power is not right and should never ever be in the favour of a landlord. Rent caps needs to be introduced and longer term tenancies mandatory with only the tenant in the position to break it.

If that's not profitable or palatable for landlords then they shouldn't be going into it. A report by shelter said the biggest cause of homelessness now is families and people unable to afford rent increases at the end of a tenancy. It is an absolute disgrace at the moment.

[CaptainMarvelDanvers]

Some people are greedy, they think that if they can charge more then they should.

I think Landlords should only be able to increase rent after a current contract ends, they then give the tenant the option of moving or staying.

[Rhayader]

In my contract, mine is inflation adjusted every year - by a specific inflation measure (cant remember which!).

[CaptainMarvelDanvers]

But actually I have "Radical" ideas about house i.e not at all radical except for people who want to make money off a basic necessity - housing.

[yummycake123]

YANBU, i think it's outrageous, but unfortunately in this country rents are not regulated so the LL can increase whatever they want.
They shouldn't increase the rent if your tenancy agreement hasn't ended yet though; usually rent increases are negotiated when the agreement is renewed.
We rent but we're lucky that we haven't had any rent increase (it's or 4th year). But from the beginning we said we wanted a long-term contract and the landlord and agency are happy with us.
One of our neighbours had to move out after a year renting because the LL wanted to increase their rent from £1300 to £1500! They said no, LL didn't want to negotiate so they moved out. The property didn't rent after that...I don't get some LLs...

[lalalonglegs]

It seems crazy to me that a LL would raise the rent by that amount in a falling market unless the original rent was artificially low. However, the tax regime around BTL changed in April and, if your LL hasn't planned for this, he might have just discovered after a chat with his accountant that his income isn't going to be as great as he thought. This isn't your problem, OP, but could explain the sudden and steep hikes.

[anon97528996]

Also London - my landlord just increased rent by 15% after one year no increase in 3 years in my last flat. My landlord was definitely trying it on as there's other, comparable and cheaper flats nearby, but I just don't have the funds or motivation to move. If he tries it again at the end of this contract we'll probably leave London, it's too much pressure having that hanging over you.

[worridmum]

I wish we would adopt some if the protection laws from Europe around renting aka none of the this crap of none secured renting no massive above inflation rent increases etc while also having the protection for landlords in so far its much easier to get money back from damage none payment of rent directly from wages (aka court orders which are rarely given in the uk) the uk is one of the worst cournties to rent in that i have lived in ( its alot )

[HipsterHunter]

but I just don't have the funds or motivation to move

Did you try and negotiatie? Provide some evidence of what you considered to be a market increase and we're prepared to pay?

If you don't have the motivation to move it pits you in a weak position.

[ravenbird34]

My landlord is early 30s and owns several properties in central London. I have very little sympathy for his falling portfolio which I suspect is still doing very well despite the current climate.

Our rent is definitely not artificially low and I think he will struggle to get new people in to pay the current rent let alone agree to mid tenancy price hike of over 5%. In all honesty I feel like now asking for a rent reduction rather than arguing for a 0% increase!

[londonrach]

You can agree or not agree to the increase. Ll may decide to relet it if you dont but if rent hasnt increased in your area he might struggle. Its not a given rent increases every year. We lived in london and other locations and have rented about 7 properies over the years, only once did ll increase the rent and we went back to him with a counter offer. However was fully aware he could give us notice if we didnt agree but done some research before we counter offered and was prepared to move. Stayed on for another 6 months i think with an extra £30 per month on the rent. So my advice look around at other properties, see what they charging, if you dont accept the in rease be aware ll might give you notice.

[user1498550798]

Good for you OP, good luck with your next place.

I really agree with a pp that we need to be able to have longer contracts that can be broken by the tenant. Currently we daren't try to get a long contract since we would be tied in if sale prices crashed or changed jobs etc. But then you have the insecurity of perhaps having to move every year. I can see there need to be circumstances where the landlord can break the contract early but in general the impact on the tenant is much greater.

[ravenbird34]

Well we held firm and they've now essentially agreed to a 12 month contract now without the rent increase (break clause to come in thereafter) for the remaining 6 months at the higher rent. I'm tempted to just say give us 18 months at the stabilised rent or offer us 12 months for a reduced rent as I feel we're paying above the market currently.