AIBU to put tenants rent up?

[HarpoBoy]

As part of my Buy to Let portfolio, I have a flat in Clapham that I rent out for £1,850 pcm. Fixed term interest only mortgage of approx £600 until the end of 2026.

Long standing and good tenants, but I know the main tenant works for a major accounting firm who has just given their staff a 9% pay rise. He is quite senior, so can afford the rent.

The rent is up for renewal at the year end. I usually put it up £50 or so.

EA reckons the local market has gone bananas and I should put it up at least £250 this year.

AIBU to put it up by £150 to take it to £2k a month? Should I put it up more or less?

I wouldn't with a good sitting tenant. If he leaves then sure.

I'd put it up.

I wouldn't do this to a good tenant unless I needed to. I would when they choose to leave though.

Better to put it up by a small amount yearly than having a big jump at some time because you are very out of step.

Ah lovely and to see yet another grabby landlord.

Didn't mean the extra and.

£250pcm is a massive increase.
You are not privy to your tenants financial details so his pay rise is nothing to do with you.
Good tenants are worth keeping. With the cost of living becoming ridiculous and as you are making a very healthy profit from your flat could you just raise it slightly?

Why are you posting when you already think you're right?

Yes, this.

URGGHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

Reported for being goady.

Unless you really are thick and need random internet strangers to confirm you should continue to wreck the rental market.

If they are good tenants I would suggest not pushing it - if will cost you money to replace them!

There is no right or wrong.

I am just asking the Mumsnet crew for a view on whether I put it up £50 as usual, £150 in line with inflation, or £250 in line with the local market.

£250 is way to greedy

How awful

GREEDY Girl!

What does it say in the contract about annual rent increase restrictions?

So, rather than heat or eat, we now have heat, eat or be slung out by your money grabbing landlord.
Increase the rent by all means if you need to. But don't rub your hands together in glee at ripping someone off.

With a good sitting tenant, no, those are gold dust. I would raise it £100 at most. More than usual but far less than market dictates.

If/when he leaves, I'd crank it right up to market value.

He’s a good tenant and you want to keep the relationship happy. I’d increase the rent by a nominal amount 50-100. £250 is too much even if he’s earning a decent amount.

What a shit thing to do to a good tenant and fellow human being. You’re the scummy sort of landlord that gives the rest of us a bad name. The only thing I’ve done to my rental prices the last couple of years is knock a couple hundred off Decembers payment for Xmas.

There’s a special place in hell for landlords who think they’re entitled to their tenants in-line-with-inflation pay rise. Would you like a pint of his blood every month too?

What the hell has the tenant's salary got to do with what is a fair rent increase. Bloody landlords.

Hope their payrise helps them buy a house soon and you end up with a string of unreliable tenants.

Quite disgusting. Hopefully the tenant leaves if you put the rent up.

This. Exactly this.
Fucking 250pcm 🙄

"there is no right or wrong" 🤔