This week, we will be working with landlords/ladies on the factors that can lead to rent changes (increases or decreases).
Rent change as a two-way street
Rent can increase or decrease depending on the conditions of the property, market, economic circumstances, property location, etc. 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. 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 professional 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.
Factors that may lead to rent changes
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.
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 achieve the following:
σ Make the right decision as far as rent increases or decreases are concerned, so that their property could commend the right changing rent and value
σ Avoid void periods because of rent changes
σ Prevent rent disputes with tenants as a reaction to rent changes
σ Take recommended legal steps and all relevant care before changing rents
Outcomes that may result from this week’s work
Without overlooking or pre-empting the outcomes of this week’s work, let us briefly argue that it will enable landlords/ladies to realise the following:
σ Ensure stability and integrity of tenancy
σ Create security of their investment
σ Maintain trouble-free tenancy for any rent changes over the entire agreed tenancy period
σ Prepare landlords/ladies to psychologically cope with both increases and decreases in rent
Need help and support about rent changes
Want to know more about rent changes, why not work with Home Relief?
For landlords/ladies who have already been in the process of changing rents and would like to share their experience, they can still work with us to explore areas of improvement regarding rent changes.
Looking for an affordable location and home
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.