Welcome to Home Relief Bulletin Board
Monday 27 January 2020
by the Property Team
Post No. 125
How to increase or reduce rent
“There has been some news that in some places landlords/ladies are making the biggest rent increases”, a landlady told Home Relief. The same landlady continued by saying this: “I want to increase the rent for my rented property”.
It might be true that rent is increasing in some places. However, there are rules or legal steps in order to set up a new rent or increase rent.
Rules and practices to change rent
There are rules and practices for setting up and increasing rent for any rented property. Most landlords/ladies should know these rules and legal practices. Amongst them are the rent change notice (or section 13 notice of a rent increase) and rent review clause.
If some landlords/ladies do not know or forget, there is a wealth of information on this subject they can tap into. This information can be found online and via print (e.g. papers, books, magazines, etc). Letting and managing agents as well as the local rent officer or authority can as well provide it.
Additionally, rent should not always increase. Rent can decrease depending on the conditions of the property, market, economic circumstances, property location, etc. Landlords/ladies should as well consider the economic circumstances of their tenants if they really want to keep them. Most landlords/ladies would love to increase their rent; however they should prepare to reduce it when the market conditions and the value of their property do not recommend or commend such an increase.
So, this week we will be working with landlords/ladies to look at the factors that lead to rent changes (increases or decreases). The change of rent is not a one-way traffic or direction. It is a two-way and opposite direction. Often, it is seen only in the direction of increases even in the most difficult time like of economic recession. It can increase; just as it can decrease.
What we are hoping to achieve this week
One can hope that at the end of this week’s work with landlords/ladies, they will be able to make the right decision as far as rent increases or decreases is concerned, so that their property could commend the right changing rent and value. This right decision would as well help them avoid void periods, rent disputes with tenants; take recommended legal steps to change rent, etc.
Without overlooking or pre-empting the outcomes of this week’s work, let us briefly argue that it will enable landlords/ladies to ensure stability of tenancy, security of their investment, trouble-free tenancy over the entire agreed tenancy period, psychological preparation to cope with both increases and decreases in rent, etc.
Want to know more about rent changes, why not work with Home Relief?
If you are looking for an affordable location and home, Home Relief is the people dealing with affordable homes you could consider in your property searches and enquiries.
For more information about our property service to home buyers and tenants, please go to https://homerelief.co/tenants/
For more information about our property service to home sellers and landlords/ladies, please go to https://homerelief.co/landlord
For properties to rent and let, go to https://homerelief.co/property-search/
For weekly property news and updates, please read our weekly posts.
Thank you for reading this post.
We look forward to receiving your regular visits to Home Relief website and to doing business with you throughout 2020.
Home Relief – freelance e-property people dealing with affordable homes