Rent increase, the subject on most Landlords agenda, can I do it, when is the right time, will the tenant pay, how much …. The list goes on. Hopefully I can clarify for you with some advice and findings.
In recent years the rents as you have probably gathered in Coventry have increased across the board. Many contributing factors can be attributed to the increases nationally, vast increase in student property demand, lack of social housing and the quality of private letting properties.
A large proportion of managed properties have had an increase this year alone ranging from £15 to £80 PCM. With the biggest increase coming with a tenancy change.
When was the last time you reviewed your rents? Maybe now is the time to look at what extra income you can unlock in your properties.
With the average cost of moving house within the private rental sector costing in the region of £900-£1200 taking into account transport, deposits, redecoration etc. it’s no surprise that most tenants that experience an increase on the anniversary of their agreement choose to pay the increase with very little persuasion, as over the course of a year or two the increase is still less that the upheaval cost.
If you think it’s time to increase your rents then please feel free to get in touch and see how we can help. For more on the Coventry Property Focus Blog please click here.