My current tenants are coming to the end of their 12 month tenancy. How do I go about increasing the rent….?

If the Tenancy Agreement makes no provisions for the landlord to make a rent increase after a certain period then you have two options:

  1. Renew the contract at the end of the fixed term but at an increased rent.
  2. At the end of the fixed term, serve a Section 13(2) Notice of the Housing Act 1988, proposing an increase in rent.

The rental increase should be considered in relation to the rental to that of other similar properties in the same area. If the increase puts the rent well above the current market value, tenants can apply for the rent to be assessed by a Rent Assessment Committee. If they then reduce the rent, you are bound to this figure for 12 months.

It is always worth asking your agent what the current rental market is like as an indecent rent increase can scare tenants into handing in their notice.

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This entry was posted on Tuesday, May 11th, 2010 at 5:11 pm and is filed under Landlords. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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