Is the rent you receive in line with the average rent for Waterlooville?
Updated: Nov 11, 2018
When was the last time you checked the rent you are receiving is in line with the area average? Many Landlords can’t remember what rent their tenants are paying, do you know?
Please note the above rents are an average so if your property is quirky or outside of the standard average property size you will need to do specific research for your property.
What rent increase is acceptable?
My advice to clients is a maximum of £50 per calendar month increase, this is if your property is quite far behind the rent it should be achieving. If your property isn’t far off but you haven’t had an increase in a few years and feel the property warrants one, I would recommend an increase of anywhere between £10-£25pcm. Getting the top monthly rent for a property isn’t as important in the mid to long term as finding and looking after good quality tenants who are paying a fair rate.
How to increase the rent
Fixed term tenancy:
First of all please remember this can only be done at the anniversary of the tenancy i.e when the fixed term of the tenancy is due to end and your due to renew for a further fixed term. To allow time for negotiation etc. I would advise you contact the tenants roughly 2-3 months before the tenancy is due to expire to make sure the tenants situation hasn’t changed, they wish to renew for a further fixed term and at this point discuss with them the rent increase you are proposing going forward for the next fixed term contract. Most tenants will say they need to think the increase over, don’t be alarmed by this, what this normally means is they need to discuss this with their partner, do some financial calculations and research properties in the area similar to theirs.
To be able to increase the rent on a periodic tenancy you will need what is called a Section 13, it comes with notes on how the form is to be completed. Tenants need to be given one months notice of the rent increase, if you can give more notice tenants do prefer this.
Once an increase has been agreed by all parties make a note of when the increased rent will come into affect and check the bank the rent payments go into, making sure the tenants standing order has been increased to reflect the new rent.
If you have any questions on increasing a properties rent or any other property related questions please don’t hesitate to get in contact.