Landlords are you missing out on £100’s on your Rental Income?

Interestingly, here in the South West we have seen the highest rent increases Nationally in the last 12-18 months at more than 6% increase in rents. We are, for sure a Rental Hotspot! 

If you have let a property in the past year, you will know that the rent you now receive is far greater than pre-covid, in some cases up to £100 more per month! Additionally, you will know that you could have let your property 10 times over because supply cannot keep up with demand, hence leaving many excellent applicants still searching for a new home (many pre-qualified and ready to move). 

If you have NOT let a property in the past year, are you content with the rent you are receiving? Being a landlord is a business and, in that respect, you should consider if you should be increasing the rent you charge. As a landlord you are now needing to spend more than ever before in running that business in the form of the ever-changing requirements to meet Government Legislation. One example alone is the requirement for an EICR (Electrical Installation Condition Report), around £160 to obtain but how much have you had to pay to address any C1’s, C2’s or C3’s to keep your tenant safe? In any business if your expenditure increases for reasons outside of your control then you must consider how to increase your income? So in this instance have you increased your rent to cover the additional financial responsibilities facing you as a landlord? The EICR’s are only one small part of course. There are many other Legal and Financial obligations on you as a landlord, more than ever before.

If you think you need to increase your rent there are different ways of doing this and they are dependent on what is written into your Tenancy Agreement and whether your tenant is in a Fixed Term or Periodic Tenancy. You may be able to come to an agreement with your tenant and they will be happy to pay more or you may need to issue a Section 13 notice.  

Most importantly you need to consider what a fair price would be. You may know what the local market is doing, you may be happy to search through on line rental sites but if you would like a no obligation chat and some advice, please do give me a call. I am always happy to chat even if you are a confident Private Landlord there might still be something worth chatting through.