Landlord questions

[NotAsTired]

How often do you increase the rent on your property and by how much?

I have a property that I rent out to long term tenants. They have been living there for 3 years and I have only increased the rent once (last December) by £25, (totalling to £650 per calendar month).

Should I increase it every year and by what percentage? What is the consensus on this?

Good tenants are worth holding on to! The costs of them leaving range from hassle through agents fees to months vacant without rent through to getting new tenants who cant/wont pay the rent or even trash the place - it happens :(

I have several friends with BTLs and they only increase the rent on change of tenant, and that is in London where rent levels rise every year.

I don't think a simple % per year across the country rule of thumb could make any sense - you need to look at what rents have done in your area that year if you do want to increase the rent.

Thanks, manzanilla. My rental property is about £100 less per month than others. I am certainly not even thinking about increasing it by that much for this tenant or even close to it.

My main concern is that the insurance premiums have more than tripled over the last three years as we've had repeated and major issues with the drains and its eating into the income I make.

However, I take on board what you have said, and my tenants are great tbh so I might just leave it for now.