Landlords: Increasing your rents.
There is a set procedure that should be followed that will be detailed in the contract terms you have signed with your tenant. Here we look at what you should consider and how to manage the process.
If you self-manage your property, set a regular reminder in your calendar 📅 to review the rent and decide whether an increase is due.
If you use a managing agent, they should reach out to you around 10 months after the last review to discuss and coordinate any rent adjustment 💷.
Keeping this process timely ensures your property stays in line with market rates and avoids last-minute surprises for both you and your tenants.
There is a set procedure that should be followed that will be detailed in the contract terms you have signed with your tenant – see our blog ‘Your guide to section 13 & rent increases in the private rented sector’ for further information on this. However, here we look at an overview of what you should consider and how to manage the process:
💡 Why increase rent?
Renting property is a business that must at least cover costs to stay viable. If it doesn’t, a landlord may eventually be forced to sell the investment—bad news for both landlord and tenant.
📈 Increase a little, regularly
A modest annual rise works best:
Tenants get used to a small, predictable adjustment.
It’s easier to budget for than a sudden large jump after several years.
🗓️ Start the conversation early
Begin discussions about 10 months after the last rent review. This gives everyone plenty of notice and time for back-and-forth.
🤝 Even if you’re not increasing
It’s still worth mentioning a potential rise, then confirming that you’re holding the rent this time. Tenants will appreciate the gesture and be prepared for next year’s review.
📝 Put it in writing
Confirm the amount and start date in writing. Relying on memory invites confusion.
💷 Balance fairness and finances
If you have an excellent tenant who pays on time and cares for the property, consider the bigger picture: is it worth risking a void period and re-letting costs for an extra £50 a month?
As agents, we always weigh these factors to secure the best long-term outcome for landlords while keeping good tenants happy.
Why do some Landlord not increase rents?
For some landlords talking money is not an enjoyable topic – be it increasing rents or dealing with arrears (see our blog - Is your tenant struggling to pay their rent? Do you know what to do about it?). If you manage your property emotions can get in the way and cloud business decisions. Conversations around money can be awkward – they really shouldn’t be! This is where a good agent is worth its money and can take the emotion out of the transaction. Not only does it remove stress from the Landlord it also means that rents stay in line with the market. Should you need help or advice with rent increases do not hesitate to contact us.
Should you have a property that needs an up to date rent or sales appraisal, or you have any questions about rental increases please do not hesitate to contact our office - 01474 321957.
💬 Gemma 💼
📞 Phone: 01474 321957
📧 Email: gemmascott@mandmprop.co.uk