𝗟𝗮𝗻𝗱𝗹𝗼𝗿𝗱𝘀: 𝗪𝗲 𝗥𝗮𝗶𝘀𝗲𝗱 𝗥𝗲𝗻𝘁 𝗯𝘆 £𝟭𝟮𝟬 𝗨𝘀𝗶𝗻𝗴 𝗧𝗵𝗲𝘀𝗲 𝟯 𝗦𝗶𝗺𝗽𝗹𝗲 𝗦𝘁𝗲𝗽𝘀 💸

Raise your Rent and Still be Fair to Your Tenant,

💸 3 Simple Steps! 💸

Rents have skyrocketed in the last year, and many of you are not taking advantage of this!

Due to increasing mortgage rates, many landlords have sold their properties, resulting in fewer rental properties available. In turn, this has caused a much higher demand from tenants and therefore higher rent prices.

We were able to raise one of our rents by £120 without losing our tenant, here is how 👇

𝟭. 𝗖𝗵𝗲𝗰𝗸 𝗖𝗼𝗺𝗽𝗮𝗿𝗮𝗯𝗹𝗲 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝗶𝗲𝘀 𝗼𝗻 𝗥𝗶𝗴𝗵𝘁𝗺𝗼𝘃𝗲

A quick Rightmove search of the area will show you a list of currently available properties similar to yours. Try to keep your comparison to properties with similar features to yours for a fair comparison e.g. same number of bedrooms, garden size, etc...Once you have a few properties to compare you can then get an average price.

𝟮. 𝗘𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝗬𝗼𝘂𝗿 𝗣𝗿𝗼𝗽𝗲𝗿𝘁𝗶𝗲𝘀 𝗖𝗼𝗻𝗱𝗶𝘁𝗶𝗼𝗻 𝗶𝗻 𝗖𝗼𝗺𝗽𝗮𝗿𝗶𝘀𝗼𝗻 𝘁𝗼 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁

This is where you need to put your honest hat on. We use a scale from poor to excellent to compare our property with those currently on the market. We then use that scale to determine what % to increase the rent. The condition of the property also needs to factor in any arrears.

𝟯. 𝗧𝗵𝗲 𝗚𝗼𝗹𝗱𝗲𝗻 𝗦𝗲𝗰𝗿𝗲𝘁 - 𝗞𝗲𝗲𝗽 𝗬𝗼𝘂𝗿 𝗥𝗲𝗻𝘁 𝗮𝘁 𝗟𝗲𝗮𝘀𝘁 𝟱% 𝗕𝗲𝗹𝗼𝘄 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗮𝘁𝗲

By doing this, you are rewarding your tenants for their loyalty and being a good tenant meaning they are less likely to leave due to other properties in the area being more expensive. Over time this results in fewer voids and a more consistent rental income while still reaching near top-level market rent, WIN-WIN!