redridgeres Posted March 12, 2007 Report Share Posted March 12, 2007 I've got some tenants that have been in one of my flats for a couple of years. I want to increase their rent by just £15 - £20 per calender month. I've been advised that I have to give them notice but don't know how much to give. 1 month? or 2 months? They are on a periodic rolling tenancy. Do I have to get them to sign a new tenancy agreement or is there another way I should be arranging this? Link to comment Share on other sites More sharing options...
odecar Posted March 12, 2007 Report Share Posted March 12, 2007 If below market rents then by all means do so but be careful that the tenants may decide elsewhere is better at the same price. Disturbing Inertia can be costly. Link to comment Share on other sites More sharing options...
Trenners Posted March 12, 2007 Report Share Posted March 12, 2007 Hi Red, If you want to increase the rent then you need to serve a "Section 13" notice informing them that the rent will rise. You should give them at least 1 months notice of your intention to raise the rent (so that they are able to terminate and exit the tenancy if they decide they do not want to pay you the increased amount). I also agree with odecar - you might unsettle your tenant if you increase the rent ... and for the sake of £180 per annum (in extra rent) you might cause your tenant to leave thereby meaning you need to re-advertise, maybe pay a letting agent a fee for finding a new tenant and you might have the property empty for a few weeks as well (thereby losing rent money). In other words ... for the sake of a few pounds ... is it really worth upsetting the tenant ? Mark Link to comment Share on other sites More sharing options...
redridgeres Posted March 13, 2007 Author Report Share Posted March 13, 2007 Thanks for the advice I appreciate your honesty! Don't really want to lose the tenants. Link to comment Share on other sites More sharing options...
lynseyinlondon Posted March 15, 2007 Report Share Posted March 15, 2007 Thanks for the advice I appreciate your honesty! Don't really want to lose the tenants. What Tenners said about the form giving a month's notice is correct - but better still, write an annual rent increase into your tenancy agreements at the outset - I allow for an annual increase of 4% but this is London. I rather disagree with Treners and Red about not increasing the rent for a quieter life, however, unless you had some problems finding tenants in the first place. I really do feel that it is the Landlord's right to do what they want with their property, and even at the expense of possibly losing your tenant, if you feel a rent increase is what you want, just go for it. I am speaking as a London landlord however, and it depends how many good tenants you have around in your area. Since I always have queues of waiting tenants for my flats (in itself pushing the rents up each time I have a changeover) I have probably become a little hardened. I have been in this game 17 years, and whilst I spend my days making my tenants' lives better by repairing, renewing and upgrading the properties constantly, my days of feeling huge gratitude to my tenants and being a bit of a soft touch are over. You must protect your investments and make them work the best for you you can. Link to comment Share on other sites More sharing options...
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