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when to increase rent?

  • 09-09-2023 11:05am
    #1
    ballyharpat
    Registered Users, Registered Users 2 Posts: 1,833 ✭✭✭


    I have tenants in a property for the last 15 months. They have part 4 tenancy, I was/am giving notice to increase the rent by 4% in July, when they are there 2 years. They are in a non RPZ.

    The tenant asked me for a 2 year lease, I've already explained to them that they have a lease and their rights are not effected, even if the initial 12 month lease is up, and that I have no intention of selling or asking them to vacate. However, they are adamant I give a new lease as they are afraid of not having a place.

    Just top put them at ease, is there any way I can issue them a new lease, for their peace of mind, but can also protect myself and get the rent increase when the initial 2 years is up?


    TIA



Comments

  • #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    A new lease will only create complications for you, I wouldn't issue a new one if you don't want to. The tenant can reassign the lease whereas you'll be tied in for two years and a lot can happen in those two years. Realistically what are the tenants going to do if you don't provide a new lease?

    You need to perform a rent review and give the tenants 90 days noticed of any rent increase. You will also need to show that the new rent is in line with the rents being charged in three comparable properties in the area. Don't limit yourself to 4% if the comparable properties are higher, inflation has been running at a lot higher than 2% the last two years .



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