The Cavendish Rentals Guide to Reviewing Your Tenant’s Rent
March 26th, 2024
Costs are increasing in almost every area of our lives and landlords are not excluded from this. When costs increase it’s inevitable that rent will need to as well.
Being a good landlord is a balancing act. You will want to have strong tenant/landlord relationships, providing a quality home for your tenants whilst maintaining a steady stream of rental income, leading to strong yields each year.
Whilst the cost of living increase effects both the landlord and tenant, it cannot be shouldered by one alone. The rent needs to set at a sustainable rate to ensure that property quality, service and relationships are maintained.
Having spoken to many landlords, we know that they’re not sure how to keep up with property pricing and specifically whether they’re charging appropriate rent for their property.
As experts in our field, we understand the market, the rental prices in the local area and what fluctuations there are in supply and demand. It is worth noting that the market has gone up by 25% since pre pandemic times and yet most rents have stayed the same.
Navigating the balance of rental reviews whilst ensuring that tenants are fairly treated and considered is what we do. We act on behalf of both the landlord and the tenant.
We value good tenants and know that communicating the purpose behind the price review is important. It’s important to be honest and upfront about any rent rises, giving your tenants notice about this, to ensure they know what is coming.
Transparency and gradual rental increases are usually the better option rather than holding back for prolonged periods and then increasing it by a large amount.
