Do you know how to legally increase your tenant's rent? 💷📈
Rent reviews have changed. If you're still using the old methods, you could unintentionally be increasing rent incorrectly. Here's what every landlord needs to know.
Rent Increases Aren't What They Used to Be
With rising mortgage costs, insurance premiums and maintenance expenses, it's understandable that many landlords need to review their rental income. However, under the Renters' Rights Act, the rules around increasing rent have changed significantly.
📅 Annual increases only
For all assured periodic tenancies, rent can only be increased once every 12 months using the correct legal process. It isn't simply a case of sending an email or asking the tenant to agree verbally.
📄 The correct notice must be served
Landlords must use the prescribed legal notice and give the required notice period. If the process isn't followed correctly, the increase may not be valid.
📊 Is your proposed rent realistic?
Tenants now have the right to challenge rent increases through the First-tier Tribunal if they believe the new rent exceeds the market value.
That's why having good evidence is becoming increasingly important. At M&M, we constantly monitor the local Gravesham rental market and can provide evidence to support appropriate rent levels.
💡 Are you charging enough?
Interestingly, many landlords are charging less than the current market rate simply because they haven't reviewed their rent for several years.
A properly managed annual rent review helps ensure your investment continues to perform whilst remaining fair and evidence-based.
✅ We can do it all for you
As part of our Fully Managed service, we monitor every tenancy for review opportunities, advise on the current market rent, prepare the correct documentation and handle the process from start to finish.
✔️ No guesswork.
✔️ No worrying about whether you've followed the legislation correctly.
✔️ Just complete peace of mind.
📞 Thinking your rent might need reviewing? We'd be love to have a chat and were here to help.
📍 M&M Estate Agents, Gravesend, DA12 1AH
📞 01474 321957
📧 lettings@mandmprop.co.uk
