Almost 60 per cent of landlords in the UK are planning on increasing their rent within the next 12 months, according to a Simply Business poll.
At the time of writing, the poll - voted on by over 500 landlords already - shows that 59 per cent of landlords are intending to raise their rent in the next year.
25 per cent of voters, however, are planning on keeping their rates their same, with 16 per cent still unsure as to whether to raise their tenants’ rent.
Rent increased in response to changes in buy-to-let legislation?
With the vast majority looking to increase their rents, many will argue it’s in response to the numerous buy-to-let changes 2016 has so far seen.
Among the many changes to legislation, landlords say they’ll be hit hardest by mortgage tax relief changes, and it could be the case that some landlords are planning on increasing rent to deal with the impact.
What landlords need to consider when increasing rent
Increasing tenants’ rent can be tricky, and many landlords are often apprehensive about the subject. However, given ever-increasing costs and stricter legislation, it’s something almost every landlord will have to do eventually.
And from checking market values to offering a concession, our seven tips for increasing your tenants’ rent can help soften the blow and ensure your tenants are on board with the changes.
There’s also one fact every buy-to-let landlord needs to know before negotiating price with tenants, and that’s the incredible cost of moving between rental properties.
Research suggests it can cost tenants on average £1,200 in agent fees, deposits and moving costs to switch property.
A £20 increase in monthly rent, however, would only cost a tenant £240 extra each year - meaning it would take tenants five years of paying the increased rent to spend the amount it would take to move.
Want to have your say in the original poll? Check it out in our article on increasing rent.
What’s your experience of raising tenants’ rent? Let us know below.