Rent increase %

Woden

Hi folks,

Can I ask your experience with regards to lease renewal and rent increases.

I'll be in my current place a year soon and I'm happy to stay put. Just got a mail from the agency with the renewal but with a 5% increase.

Ideally, of course, I'd like it to remain flat. Is there generally flexibility if a hard line is taken. How have you gotten on in the past?

A quick google shows me rent rises higher than inflation

http://www.insidehousing.co.uk/tenancies/london-rents-rises-are-double-inflation/6525807.article

Thanks,

Woden

Fysh

They'll chance their arm, but it's always worth arguing. At my last renewal the agent was looking for a 10% increase, and settled for no change when I pointed out that there were a number of things I'd want sorting out before I was happy increasing the rent. It's also worth noting that for all that inflation goes up, wages aren't tied to inflation so it's a poor argument.

Ultimately, though, you've got to decide whether an increase (which may set a precedent for another increase next year) is worth arguing over - if you're at the limit of what you're willing to pay, look around and see what options you've got. You might be surprised - I certainly was when I discovered eg how many places near me were going for similar rents to what I'm paying, but with the added bonus of a garden.

jonnyfingers

I've renewed twice without an increase in rent. The agency looked for it both times but I just said straight out I have to keep to a strict budget and will have to move if the rent is increased. I told them I really like living in the apartment, keep it in good order, am never late with rent and that I'm sure the landlord would prefer to keep a good tenant in his property rather than risk getting a bad one for a little extra rent. I then asked could they go back to the landlord and ask his opinion.

In my case the landlord lives in a completely different area of the country and I'm sure the rent more than covers his mortgage so I was pretty confident he'd rather keep things as they are than risk rocking the boat for a little extra.

In both cases they came back agreeing to keeping the rent the same.

I was in a good position in that I'm not that invested in the apartment that it would be difficult to move if they called my bluff so I had options and it was worth a chance. But even if I wasn't willing to move I'd still let them know that I wouldn't want an increase. It is a rental agreement after all. If you don't agree, say so.

djpbarry

jonnyfingers wrote: »

I told them I really like living in the apartment, keep it in good order, am never late with rent and that I'm sure the landlord would prefer to keep a good tenant in his property rather than risk getting a bad one for a little extra rent.

Not just that - the landlord doesn't want the hassle and cost involved with changing tenants.

Taking a hard stance with the agencies usually pays off in my experience - it's usually them that's seeking the increase, rather than the landlord, because it's in the interests of the agency to keep people moving. I have never agreed to a rent increase, no matter how small.

seanp86

Hey Woden

Im in a similiar situation we have been told that we should expect a rise of between 5 and 10 percent in line with the market trend. In my opinion that is a large monthly raise and Ive told them we will leave if they raise rents by that amount so we are currently in deadlock waiting for their response! The problem is that the bloody agency is the one trying to encourage the landlord to up the rates. I find its easier to go directly through him rather than the agency.

S.M.B.

We've had two separate 2% increases with our last two contract agreements. It's brought the property more in line with it's correct value as there hadn't been an increase in the previous 8 years maybe.

Woden

Cheers all for feedback. Was onto the agent and gave my position. Landlord is away until July so will get his input then. If we can't reach agreement they have two months notice to give me but hopefully will get sorted.

Woden

and to close just got a email from the EA saying they will renew the contract without raising the rent. Happy days. Thanks all for input!

djpbarry

Woden wrote: »

and to close just got a email from the EA saying they will renew the contract without raising the rent. Happy days. Thanks all for input!

Fight da powa.