UK Landlord Forum / Life

I have tenants I like in a property but they are not happy with me increasing the rent. In 6 years I managed to raise it £20 last year (after a lot of resistance) to a total monthly rent of £1000. I am told by a local agent (just visited Friday), that I could achieve £1400 a month for the same property. The agent may be over cooking it a little but I don't think they are far off. The house is in good condition with modern appliances. If I look at the local market I cannot even get a 2 bed flat for £1200 a month and this is an end of terrace house with nice sized garden, workshop and 2 off street parkings. They are now heading for 6 years. Any suggestions or advice on how to bridge the gap or when you you think it is wise to trade a good tenant for better rent? I realise there is no exact answer, but some extra opinions might help sway me one way or another. My gut feeling is that the market has moved for some time now and if they don't accept a reasonable rent increases now then it may be time to part ways. Just for reference I am thinking to ask for £1100 this year and possibly £1150 next year but I hazard a guess I will face stiff resistance each time I try.  I would like to know where I should stand fast and resist being knocked down by the confrontation I will face. Any views appreciated.

It's your business so it's surely upto you how much you want for it?

Face resistance? You *impose* a rent increase. You don't ask politely for one. If they can't pay the rent they move on. What's the real trouble here, are your Tenants in charge of you? Section 13 delivered... if OK then all is OK, if not OK follow with Section 21 and start again... just do it with eyes open... void period, re-letting fees.

Oh, and I always increase rent annually... that allows them to be modest increases... never faced any resistance.

Your proposal is fair, and as Hippo says, just do it!

And keep doing it.

I dont do it, when I should, but fear them looking in the paper may mean they move, which I don't like.

Rents have come down around here about 50% since last August, when the new lending rules kicked in, so you do have to watch this, and not be too near the top.

Also look up the LHA Benefits for a similar property in your area, these are set at 80% of the average rent, you could peg your rent to this as well. If you research what this was 6 years ago as well it will give you peace of mind and good evidence that what you are proposing is reasonable.

Thank you the LHA Benefits site is very useful as a benchmark and the advice given is useful.

5% ....5% not 50%..