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Renting Land - Raising Rent

  • 20-06-2021 5:28pm
    #1
    broken sink
    Registered Users Posts: 62 ✭✭


    We rent about 11 acres of poor enough land to a local sheep farmer. Letting starts in December. The rent is 700 Euros per year and this has remained the same since 2010. We plan to raise the rent to 1000 Per Year.
    I am just wondering how much notice should be given for a rent raise. Is it too late for 2022 or should we be looking at raising the rent from 2023
    onwards ?


Comments

  • #2
    Young95
    Registered Users, Registered Users 2 Posts: 559 ✭✭✭Young95


    broken sink wrote: »
    We rent about 11 acres of poor enough land to a local sheep farmer. Letting starts in December. The rent is 700 Euros per year and this has remained the same since 2010. We plan to raise the rent to 1000 Per Year.
    I am just wondering how much notice should be given for a rent raise. Is it too late for 2022 or should we be looking at raising the rent from 2023
    onwards ?

    What exactly is poor land ?


  • #3
    broken sink
    Registered Users Posts: 62 ✭✭broken sink


    Maybe I should say poor grazing land. Anyway large parts of the land are covered with rushes and yellow flag iris. No good for hay or Silage. If it was more accessible I might consider it for some form of forestry. There is grass also but no field is clean.


  • #4
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,210 ✭✭✭✭Donald Trump


    Do you have an alternative if he doesn't continue on?

    There's a lot to be said for having a good tenant


  • #5
    broken sink
    Registered Users Posts: 62 ✭✭broken sink


    Yes I am fairly sure it would be easy to get somebody else. To answer my own original question I would go with 2023 and give him plenty of time to find other land if he wants it. 700 per year for 11 years is not expensive.


  • #6
    green daries
    Registered Users, Registered Users 2 Posts: 2,356 ✭✭✭green daries


    broken sink wrote: »
    Yes I am fairly sure it would be easy to get somebody else. To answer my own original question I would go with 2023 and give him plenty of time to find other land if he wants it. 700 per year for 11 years is not expensive.

    No it's not but would you make a margin from farming it .....
    Genuine question...honest answer


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  • #7
    green daries
    Registered Users, Registered Users 2 Posts: 2,356 ✭✭✭green daries


    broken sink wrote: »
    Maybe I should say poor grazing land. Anyway large parts of the land are covered with rushes and yellow flag iris. No good for hay or Silage. If it was more accessible I might consider it for some form of forestry. There is grass also but no field is clean.

    Too small for planting any more would loose a lot of money I'm told by the forestry lads


  • #8
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,210 ✭✭✭✭Donald Trump


    broken sink wrote: »
    Yes I am fairly sure it would be easy to get somebody else. To answer my own original question I would go with 2023 and give him plenty of time to find other land if he wants it. 700 per year for 11 years is not expensive.


    700 for 11 acres does seem cheap. But then again it might be bad land and luckily enough we don't see that around where I am so I have no idea what it would be worth if it is bad land.


  • #9
    broken sink
    Registered Users Posts: 62 ✭✭broken sink


    green daries wrote: »
    No it's not but would you make a margin from farming it .....
    Genuine question...honest answer

    I honestly don't know. Farming with payments probably but without payments maybe not. Any land that has come available for rent has been taken by sheep farmers.


  • #10
    Donald Trump
    Registered Users, Registered Users 2 Posts: 20,210 ✭✭✭✭Donald Trump


    broken sink wrote: »
    I honestly don't know. Farming with payments probably but without payments maybe not. Any land that has come available for rent has been taken by sheep farmers.


    Land might be worth a chunk of the 70 quid an acre to fellas in some areas for the maps alone.


  • #11
    ruwithme
    Registered Users Posts: 1,186 ✭✭✭ruwithme


    He has 5months notice if you tell him before this months out,thats plenty of time.yes 700 is not expensive. Sheep are selling well like all food produced presently.

    Its your land & entirely up to you to set a price you believe its worth going forward.


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  • #12
    broken sink
    Registered Users Posts: 62 ✭✭broken sink


    ruwithme wrote: »
    He has 5months notice if you tell him before this months out,thats plenty of time.yes 700 is not expensive. Sheep are selling well like all food produced presently.

    Its your land & entirely up to you to set a price you believe its worth going forward.

    Yes I agree with you. Tell a fella you would like to test the market might be a good way to approach it.


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