Increasing rent

maggie magoo

Hi, I have a house, with mortgage, that I have rented out to same tenants for 4 years now and have not increased the rent since they moved in. I mention 2 years ago that i wouldn't change the rent that year, then with covid I didn't increase it. Having checked around that area the rents for similar size/area are from between 800-950. They are paying 720. It is not a RPZ. Any ideas what would be appropriate? I am aware of the 90 days notice and have no issues with that. TIA.

Hontou

There is a ban on rent increases at the moment. I think raising it to €820 when allowed is about right. This is a 14% increase. I think asking for more than an extra €100 could potentially affect your relationship with them. Then review every 2 years.

maggie magoo

Thanks for your reply. I think I can increase unless the tenant has been impacted financially by Covid but otherwise I think it's from April

Claw Hammer

You can only put the rent up to the market rent. If the tenant disputes the new rent and you fail to convince the RTb that the proposed rent is no higher than the market rent you will get no increase. Give yourself some wriggle room.

Mad_maxx

Hontou wrote: »

There is a ban on rent increases at the moment. I think raising it to €820 when allowed is about right. This is a 14% increase. I think asking for more than an extra €100 could potentially affect your relationship with them. Then review every 2 years.

is there a " ban on rent increases" at the moment ?

thought it was just evictions ?

It won’t be long before RPZ regs become nationwide, take this opportunity to increase to market level, your tenants have enjoyed sub-market rate for a couple of years, lucky them. Get examples of market rental rates for similar properties in your area and include them in rent review notice.

Hontou

Mad_maxx wrote: »

is there a " ban on rent increases" at the moment ?

thought it was just evictions ?

You are right. Just evictions. My mistake.

maggie magoo

Thanks for the replies... I guess they have been lucky!

Baby01032012

maggie magoo wrote: »

Thanks for the replies... I guess they have been lucky!

It’s all relative, maybe you’ve been lucky too. With tenants for 4 years rent paid on time no relenting fees and void periods and possibly little requests from tenants.

I’m a landlord too so appreciate the whole picture.

maggie magoo

I totally agree with you. I have been lucky with these people as have had a tenant from hell in the past. I don't want to take the piss either, that's why I am asking for advice here

grassylawn

Last place we rented at 600 I think. market was about 900. It went up to 700. We knew we were paying under market rates. We were happy because it meant we didn't have to worry about it increasing more than that for the next two years. But we also started looking for the landlord to perform maintenance that we would have looked after ourselves. Previously the only thing we notified them of was a leak, which they obviously would have wanted to know about.

maggie magoo

grassylawn wrote: »

Last place we rented at 600 I think. market was about 900. It went up to 700. We knew we were paying under market rates. We were happy because it meant we didn't have to worry about it increasing more than that for the next two years. But we also started looking for the landlord to perform maintenance that we would have looked after ourselves. Previously the only thing we notified them of was a leak, which they obviously would have wanted to know about.

I understand what you're saying, thanks. I'm sure there will be some things that need to be maintained now anyway.

maggie magoo

Hi, you're possibly right on the date regarding increase. I sent email / letter and mentioned increasing from July, which would have covered me for beyond the 90 days. They've replied saying not a good time, etc, and on covid payment but maybe by July things will be better. I haven't got back to them