💷 When Did You Last Increase Your Tenant's Rent? 🏡
Here's a question for landlords. 🤔
📊 Do you actually know what your rental property is worth on today's market?
If you've had the same tenant for several years, there's a good chance you haven't reviewed the rent recently. Perhaps you have a fantastic tenant who always pays on time, and you don't want to rock the boat. We completely understand. 🤝 But while you've been keeping the rent the same, your costs may have been increasing. Mortgage payments, insurance, repairs, maintenance and regulatory costs can all eat into your returns and even a relatively small difference between your current rent and the market rent can add up. 💷📈
🧮 Let's look at the numbers.
Imagine your property is currently achieving £1,100 per month, but comparable properties suggest a market rent of £1,250.
That's a difference of £150 per month. 💷
💰 Over a year, that's £1,800 in potential additional rental income.
Over three years, that's £5,400, assuming the difference remained the same. 📈
Of course, these are illustrative figures, and any increase needs to be supported by current market evidence, but it's certainly worth asking the question. 🔍
⚖️ The rules around rent increases have changed.
Under the Renters' Rights Act, landlords can increase the rent only once every 12 months. Increases must follow the formal Section 13 process using the prescribed notice, with at least two months' notice to the tenant. 📄
Landlords also need to be mindful that tenants can challenge a proposed increase at the First-tier Tribunal if they believe it exceeds the open market rent. ⚖️
This makes accurate market valuations and proper paperwork more important than ever. 📋
🤝 But what about keeping a good tenant?
We hear this concern regularly, and it's a perfectly reasonable one. A reliable tenant who looks after your property and pays on time is incredibly valuable. 🏡 We would never suggest increasing rent simply because you can. However, there is a balance between maintaining a good relationship and ensuring your property remains a financially sustainable investment. 💷
Sometimes a sensible, evidence-based increase is the right approach. 📊
The key is knowing what the market supports and handling the conversation professionally. 🤝
📍 When was your last rental valuation?
The Gravesend rental market is constantly changing. 📈
Properties in Gravesend, Northfleet, Meopham, Shorne and surrounding areas can achieve very different rental values depending on their location, condition, size and demand. Just because your property was achieving the correct rent two years ago doesn't mean it's achieving the correct rent today. 🏠
And equally, not every property will justify an increase.
That's why professional advice is so valuable. 🔑
💷 Could your property be earning more?
At M&M Estate & Letting Agents, we help landlords make informed decisions about their rental investments. 🏡
Whether you're an existing landlord, considering buying your first investment property or simply wondering if your current rent is right, our experienced team can help. 🤝
🔍 When did you last check what your property could achieve?
📞 Call M&M on 01474 321957 for a rental valuation and a friendly conversation about your investment.
You might be surprised by what you discover! ✨
