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?

We are landlords and are thinking of reducing the rent for our tenants. Because we are not utter utter utter cunts.

Exactly 😂

Don't feed the troll everyone!

"he could easily afford it"...... all sounds rather stalkerish if you don't mind me saying that you are monitoring the probable (but not confirmed) pay increase of a good tenant, who's not only consistently paid off your mortgage, but brought you no problems.
Equally OP, you could "easily afford" to keep the extortionate rent as it is.

I don’t even know why I’m bothering to post as you’re just on a wind up. And that’s not troll hunting because I also think you are completely genuine. I have recently left a disgustingly moldy flat - landlords slapped cheap white paint everywhere and upped the rent by £250. Which I’m sure was a nice surprise for the tenant when we had all the rain a few weeks ago as I’m 100% sure they will have had water cascading through the walls.

How would you feel if your mortgage company shortened your term and upped your monthlies then imposed this on you without consultation because they thought you could afford it?

Pure greed. Hope he leaves.

And Clapham really isn't that special.

Greedy. We just moved from private rented to our own home in January and our rent was surprisingly nice and cheap and our landlord only put it up £35 in 5 years. Market rate was way above what we was paying. But we were good tenants and she wasn't a greedy twat

The irony of the “massively inflated prices”

Depends how much hassle you’ll have finding a new tenant. Personally, you couldn’t pay me £2k a month to live in Clapham!!

Fixed term interest only mortgage of approx £600 until the end of 2026.

Then how are you going to repay the capital?

FGS, it's not greedy! She has an investment property that yields income - she wants to maximise this income. Who among us would NOT maximise our income if we could?!

OP has made choices and she's perfectly entitled to benefit from those choices.

Your not greedy OP. Neither are you a charity.

Charge the going rate, no more, no less and be a good landlord.

That's it surely

Quite

The fact that you are factoring in what you think you know about his pay does not speak well of you. At all.

Base it on the market, or underpriced the market in order to retain a good tenant, your call. But factoring in what you think you know about the tenant's pay is a shitty, despicable move.

I must agree.

Greed is not a good trait

Greedy!!

If you don’t need the money desperately and you have good tenants I would cont doing to the annual standard increase. You will get to market level in 2/3 years anyway.

I have similar but sw London. My tenants are great and I didn’t put it up at all. No need

@HarpoBoy That's pretty good for the area. My dd currently looking at 1 bed flats in SW13. They seem to go for 1550 plus. A couple have been very shabby. I think though having good reliable tenants is worth something though. Maybe put it up but not by that much. Meet in the middle!

Posts like this make me thankful I was able to buy. If you need to put the rent up to cover costs for the property then by all means. If you're doing it because you believe he got a pay rise and you fancy more money then that's your call. Everything is more expensive right now. Your tenant has seen costs for just about everything going up and up. Be careful you don't price him out if you like him as a tenant.

The greed 🤢🤢🤢

Oh get off your high horse 🙄

Clapham is an absolute shit hole 🤣 well done for rinsing that amount of rent for so long 👍🤣🤣

Morally bankrupt but go ahead you are going increase the rent anyway 🤷🏻‍♀️