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Property/DIY

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Original poster

Question for landlords

10 replies

Earlybird · 25/02/2010 18:14

Please can you share with me what you are doing/have done/plan to do regarding renewing leases with your tenants?

Am curious to know if rents are generally staying the same, dropping or increasing in this economy.

I am currently living out of the UK, so don't have a good perspective on the state of the market. The property in question is a flat in London, btw, if that is relevant.

Thank you!

OP posts:

mintyfresh · 25/02/2010 20:59

I'm not a landlord, but a tenant and my rent hasn't changed in 3 years now. We have not renewed our contract so is a rolling tenancy. My Mum is a landlady and hasn't increased her rent for 2 years now either. She also tends to do 6 months contract and then a rolling tenancy unless her tenants want otherwise.

Around us, rents have stayed fairly static over the last few years. We live in a rural area however. Will probably depend where you want to move to and the supply of rental property.

Original poster

Earlybird · 26/02/2010 15:34

mintyfresh - thanks for sharing your experiences.

Anyone else have a view?

OP posts:

iheartdusty · 26/02/2010 15:45

I just went to an agents after my former tenants left - had no joy on Gumtree - and the rent they obtained from new tenants within 24 hours was 10% up on what appeared to be the market level based on ads. East London.

darcymum · 26/02/2010 15:51

I am a landlord and have some tenants that have been good as gold for years and I keep their rent below market levels as I dont want them to leave. I think a good tenant is worth keeping so if you have good tenants and can afford to don't increase the rent or at least no much.

sb6699 · 26/02/2010 17:40

I am a tenant and my rent hasnt increased for the past 2 years - generally during this time rents have fallen, I am moving as I can get more for my money now than I could when I moved here (among other reasons!).

Original poster

Earlybird · 27/02/2010 13:09

My tenants are very good, but then, I am a very good landlord!

I am not inclined to increase the rent, but want to have an idea of what is happening in the market before renewing the lease.

Anyone else with thoughts/experiences to share?

OP posts:

emmaus123 · 27/02/2010 13:50

hello
This is my first ever message!
My house is on the market and I will then be renting property with my two children, well, one is 20 and at uni and the other is in full time ed. So I will have help with the rent etc. soon!
I have found a house that is just right for us and the landlord accepts pets. So many do not. I am looking forward to moving and spending some equity, I hope!!

lalalonglegs · 27/02/2010 14:46

In London rents seem to be rising - lots of demand, not many (decent) places on the market but agree with those who said, if you can afford to keep rent at the same level, then do it to keep good tenants in place.

nancydrewrocks · 27/02/2010 14:57

Surrey rents are rising: lots of demand and not many places on the market. 6 mths ago we rented a place out for £1200 (through agents) our tennants moved out and it has jut been rerented for £1650 on a 12mth fixed contract.

Part of the reason that the price is more is that when we rented it out in September there were a lot of properties available but that does not account for the entire rise.

IME agents are desperate to get their hands on properties so I would expect them to be quite helpful if you called and asked what sort of rent you could expect.

fluffles · 27/02/2010 19:13

i kept mine the same last time i renewed... i tend to keep it the same for the same set of tenants as long as i can and raise it when i get new tenants.

but it depends on what the rest of the 1-bed flats in my area are at - i look online as if i were a prospective tenant and then price my flat attractively.

Flip