Rent hasn’t increased at all in five years

[Tryingtogetbacktomysize10s]

Probably a silly question but should it?

How are you losing money on the house? Has the mortgage gone up? Have you made significant repairs and improvements that require a rent increase to prevent you being out of pocket with regards to the house? (Childcare is irrelevant.)

OP you should have said you were the tenant, you'd have been told you were lucky, should be grateful and probably greedy for expecting rent to freeze

I think burrito it might be best if you stopped firing questions at me, I am not giving evidence at the crown court.

I am wondering about the letting agents role in this.

The fact is at the moment I have a property which is put simply a PITA.

If I sell it a family do not have a home and would struggle to get another at a similar rate.

Therefore putting it up slightly but still under market rate seems fairer to me but as I’ve said it’s the letting agents I’m wondering about and am considering switching.

I was going to say the same. Just because you’re going on maternity leave and will have childcare costs has no bearing on your rental

I’m a LL and haven’t put any of my tents up since I’ve owned them. I actually reduced one at one point , and it has stayed at that rate. Much easier than pissing off a good tenant for a few hundred quid a year

True that name!

Rents not tents, I don’t rent out tents 😄

It has no bearing on the rental but it has meant I am considering what is best to do with the property.

Let’s say I am a millionaire and I purely am a greedy bastard. I’d still be interested in knowing what the letting agents role is and if I should switch.

I would increase if others properties are significantly more. However, never underestimate good tenants. Probably something that is within reason so that they are ok with it.

I’m a landlord of 2 properties. I’ve never increased the rent on either. My reason is that the rent more than covers the mortgage. And more importantly for me I’ve got 2 great tenants who have never given me any bother and want to keep on living there. The property I’ve owned the longest, my tenant has been there 16 years. He looks after the place, let’s me know as soon as anything goes wrong or needs looking at. So I see no need to risk pricing him out of it. I’m probably being very simplistic in my view but I just think if it ain’t broke, don’t fix it.

Same here. I’m a landlord and charge enough rent to cover the mortgage and service costs, that’s it. I never struggle to find tenants and most stay for several years or leave to move in with a partner etc. It’s a little cheaper than other identical flats in the same block, but my costs are covered and that’s all that matters to me.

I’m in the same position as you op. Just had a baby abd it’s my only income. There are literally no other houses to rent in that area and I’m pretty sure I could get more for it but my tenants have so far been very good an

If I wanted to keep it as a rental property forevermore then yes it would be relevant to say ‘but a good tenant’ - however I don’t.

I’m sure my mum was a good customer of the local corner shop but they didn’t keep bread and milk the same price for twenty years on that basis.

Oops posted too soon. They don’t demand too much and have never in three years mucked me about with the rent. My mum on the other hand has a nightmare tenant in, not paying rent, neighbours complaining, police involvement. I’m scared to rock the boat so won’t be putting up the rent

I'm a LL and have never increased the rent on a sitting tenant. I have good tenants and although their rents are now significantly below market value this would be more than offset by the costs of getting a new tenant (who would be an unknown quantity) and a double of void months. I do have one newish tenant who does pay a market rent. The way I look at it as long as my cost are covered, the tenants are buying me a house. I feel guilty enough just about that, I don't need to get every penny I can out of them.

I’m sure my mum was a good customer of the local corner shop but they didn’t keep bread and milk the same price for twenty years on that basis.

And did the shop then sit empty with no customers? You’re being a bit silly now

I’m sure my mum was a good customer of the local corner shop but they didn’t keep bread and milk the same price for twenty years on that basis.

The difference being your mum wasn’t the only customer, they had loads, many of whom would pay the increase, and she wasn’t reliant on the corner shop for her bread, she could go elsewhere without having to move her family from their home.

I’m sure my mum was a good customer of the local corner shop but they didn’t keep bread and milk the same price for twenty years on that basis.

The bread and milk would have increased in price for the shopkeeper though. As a LL my cost (relatively) go down the longer I own the house.

No I don’t think I am being silly mabelene - I think a lot of people are missing the point completely to be honest. There are a few points here.

1. If I increase the rent by £30, the house is still cheaper than most comparable homes. Therefore if the tenant chose to move out on this basis she would be paying more

1. I don’t WANT to be a landlord. I am doing so precisely because I don’t wish to be an arse and leave a family without a home. So if she did move out it would be a GOOD thing.

1. If I did really want to be a landlord and she did move out because of a £30 increase I would have no trouble finding another tenant. Obviously a ‘good’ one not guaranteed. But by the same token my tenant isn’t guaranteed a ‘good’ landlord.

1. I’m asking about the letting company!

@Kendodd

I’m sure my mum was a good customer of the local corner shop but they didn’t keep bread and milk the same price for twenty years on that basis.

The bread and milk would have increased in price for the shopkeeper though. As a LL my cost (relatively) go down the longer I own the house.

And mine haven’t, hence why I’m asking on here

When we rented our property out, the agents suggested a rent increase every year. As far as I remember we decided not to increase the rent but the agents suggested sending a letter to the tenants anyway indicating that they had benchmarked the rent locally and had advised us of an increase but that we had decided to keep the rent as it is.

I’m a LL. I have a property where the rent in 10 years has decreased over that time. The Property is maintained at a very high standard. I redecorate on each change of tenancy and update kitchen bathroom and replace carpets every 3 years.

My costs are actually going up, repairs and upgrades cost more now than 10 years ago. But the rent hasn’t increased at all.

It’s a tricky one. If it’s not covering the costs then the rent needs to go up accordingly.

If I’d have the same tenant for a long time I’d keep the rent as it is and increase for the next tenancy. I’d never raise the rent during the tenancy.

Reading all you posts op I would just sell if I were you. You say you don't want to be a LL (it can be a LOT of hassle and work, sounds like you've had it easy so far). The market it high atm and things are flying off the shelf, I would get out now.

People are being ridiculous, of course costs for landlords increase. Plumbers and electricians increase their costs for statutory inspections, I bet the letting agents fees and insurance costs haven’t stayed exactly the same for the past six years.

OP I honestly wouldn’t bother with letting agents, you can quite easily let and manage a property yourself.

Problem with putting the rent up is that you may lose your tenant, and there could be an expensive void if you don't have another one ready to move in. I'm losing about £50 pm on mine, but I'd lose a lot more if I had a few months with no tenant.

I am a Landlord and only change the rent after tennants move out. However our tenants have only lived in the properties for a max of three years so it's a little different.

I am still waiting for £1800 owed from half price rent during the first lockdown. The tennant decided he could pay £10 per month extra on his rent but this is not really enough as I don't think he will stay for 180 months!

In that time we have bought a new washing machine and are about to have the outside of the house painted.

My costs have DECREASED substantially as the mortgages are being paid off. I have had most of my properties nearly 20 years, I have repayment mortgages, these have shrunk relative to inflation. Oh and I do my own managment so no agent costs.