Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,250
- Location
- The Land of Roundabouts
Say your a capitalist without saying your a capitalist.
Of course costs got up over the years but a 17% increase in a year is whack!
Insane rent increase.
- Thread starter willhub
- Start date
Say your a capitalist without saying your a capitalist.
Of course costs got up over the years but a 17% increase in a year is whack!
I'm confused? Are you a communist? Is all property, our property?
If the landlord feels they've underpriced the rent, they are now committed forever to low rent? If it's so expensive then go out find another place.
I rented for years. I never complained when rent was increased. It's up to me to accept or find a better place. Same goes for anything else, salary, price of milk, or how much a plumber charges me. I don't go round dictating what others should think when it is their time, property or produce.
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,250
- Location
- The Land of Roundabouts
So being against profit gouging on housing = communist?
Who says they are profit gouging? They might be losing money for all you know or making a terrible return. Either way, it is their money on the line not yours.
Profit 'gouging' requires a some form of coercion or lack of options. The housing market is not a monopoly, the OP isn't being forced and there are plenty of properties available so there is lots of competition.
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,250
- Location
- The Land of Roundabouts
Its a property in Oldham, a location that has seen less growth than anywhwere in UK, or at least sits at the bottom of the pile, having an increase of more than 10% over inflation is anything but cashing on the ops situation as its likely easy to stomach the costs than move on and the associated costs that brings. So in a way, yes they are being forced.
I'm confused why you think social problems are for a private landlord to solve. No one is literally forcing them, and I'm sure Oldham has plenty of properties for rent available. I moved once after the landlord wanted a 7% increase in rent. No problem, found a place for less.
Renting isn't long term unless it is with the council or a social landlord. Anyone who convinces themselves of anything else and does not give themselves the option for moving is screwing themselves over. Just like work, if you cannot threaten to quit and go work elsewhere, you are less likely to get paid the market rate (or even above). It's basic bargaining.
Soldato
- Joined
- 18 Oct 2002
- Posts
- 8,250
- Location
- The Land of Roundabouts
And here in lies the problem, housing should not be treated as a way to make a quick buck, im fine with landlords, its their house but when you treat tenants as cash cows then it becomes blurred and why we have legislation to help prevent situations that the op has found themselves in, just checked right move for lets in Oldham and the ops rent increase puts it at the top end for a 2 bed property if not the highest.
Your arguments are exactly why there needs to be stronger controls on the rental situation in this country, other European markets have far stronger tenant rights than we do for a good reason.
This.
A disgusting use of taxpayer money
What's worse. I don't recall the opposition parties being particularly against it.
I'm civilised countries, if you pay your rent and look after the place, a rental is your home and you can stay in it as long as you like.
Tenants with a secure home, landlords with long-term stable income. It works for everyone.
Except in the UK, where we think the right for landlords to extort rent increases trumps people's right to a stable home.
Soldato
- Joined
- 31 May 2009
- Posts
- 21,457
Indeed, and in France they capped the rates at which rental prices could be increased, to stall the cost of living crisis.
OPs is going up 18%, France capped at 2%.
Caporegime
- Joined
- 22 Oct 2002
- Posts
- 28,294
- Location
- Boston, Lincolnshire
It is a joke but seems like you are going to have to suck it up and someone is going to have to go on nights full time. Next few years is going to be a nightmare for most.
I am at least 3k worse off this year with all increases. Luckily a change in career has given me a pay rise and all the overtime I could want so I am basically net zero. Our mortgage is only £450 a month for a 3 bed detached although we are coming out of our fixed next January so will see what happens with that!
I am at least 3k worse off this year with all increases. Luckily a change in career has given me a pay rise and all the overtime I could want so I am basically net zero. Our mortgage is only £450 a month for a 3 bed detached although we are coming out of our fixed next January so will see what happens with that!
I have a house I am renting out. The current tenants have been great and I have an excellent relationship with them. Anything they message me about I make sure is sorted asap, and they have taken great care of the house so far.
Their tenancy is up in October and I've a sneaky feeling that they might be thinking about leaving as they want to buy at some point in the future. I'll have a convo with them late Aug, early Sept to find out what they are thinking of doing.
When the next renewal comes round I will be looking to put the rent up to be closer to the market rate as it's been the same since I started letting it out 5 years ago (it was on the lower end 5 years ago).
If my current tenants say they want to stay I will still put it up, but not by as much, but if they want to leave and it goes back onto the market again I'll likely price it in line with the market rates.
Their tenancy is up in October and I've a sneaky feeling that they might be thinking about leaving as they want to buy at some point in the future. I'll have a convo with them late Aug, early Sept to find out what they are thinking of doing.
When the next renewal comes round I will be looking to put the rent up to be closer to the market rate as it's been the same since I started letting it out 5 years ago (it was on the lower end 5 years ago).
If my current tenants say they want to stay I will still put it up, but not by as much, but if they want to leave and it goes back onto the market again I'll likely price it in line with the market rates.
...and yet we have spent the last yen years in the same rental, three bed, three storey town house and the rent did not go up from the £750 we paid in the first month. We left as they were selling the house and we did not want to buy it.
Same except for have a flat I am renting out to students. Anytime they have an issue, whether a light bulb needs replacing or there's a communal flat leak, I'm responsive and try get there asap.
They will be moving out in August and I plan to sell the flat. People automatically think landlords are scummy. I own a house and a flat. I did not intend to become a landlord..
I have lost about 50k on my flat, paid 260 in 2017, worth about 210 now. Flat prices have gone way down.
Buy to let is also not profitable. I don't make any money on it, probably lose money, especially when you factor in the price of the flat.
I will be selling it in October this year as there's too much regulation coming in and I can't be arsed with it. It's like a part time job that doesn't pay.
Soldato
- Joined
- 31 May 2009
- Posts
- 21,457
I do the same, although to date I haven't increased rental price if the same tenants stay on and resign, I tend to keep it at that level, and only adjust it back to market value when people move on.
I'm wondering what my current lot will do come August when their current contract is up, I think they had been shaping up to purchase, but given the world around who knows.
Soldato
- Joined
- 9 Oct 2009
- Posts
- 9,258
- Location
- United Kingdom
We've not raised rental prices on our properties for a while now. We tend to leave them alone if the tenants are good but ultimately falling further behind market value. Will be increasing 5% across the board this year which we feel is more than reasonable. Will still below market value but don't want to have it as a major shock.
I don't think tenants realise how much risk landlords take.
If you get a non paying tenant you risk to lose thousands.
Assuming my tenants pay on time each month, I make maybe £150 a month net on my property, after taxes. Combined with a £50k reduction in the price of my flat due to the pandemic, a 2 bed flat for £1100 a month doesn't sound too bad does it?
In fact, for the entire period of ownership, it would have cost less for me to rent my flat (£13k a year for 4 years) than buying it.
If you get a non paying tenant you risk to lose thousands.
Assuming my tenants pay on time each month, I make maybe £150 a month net on my property, after taxes. Combined with a £50k reduction in the price of my flat due to the pandemic, a 2 bed flat for £1100 a month doesn't sound too bad does it?
In fact, for the entire period of ownership, it would have cost less for me to rent my flat (£13k a year for 4 years) than buying it.
Associate
- Joined
- 25 Feb 2016
- Posts
- 225
Have you tried to negotiate? If you go back to them and point out you pay on time, keep it clean and they would avoid a void period, you may be able to knock them down a bit. Of course they will be back in a year or whatever trying again.
I rented for years and finally bough in 2016. At my last rental I had numerous emails about rent increase over the years, but the landlord never actioned them. The tenants prior to me had stopped paying, trashed the place and done a runner, so I think he didn't want to upset a decent tenant.
I rented for years and finally bough in 2016. At my last rental I had numerous emails about rent increase over the years, but the landlord never actioned them. The tenants prior to me had stopped paying, trashed the place and done a runner, so I think he didn't want to upset a decent tenant.
Gosh, you mean you have to take on some risk to generate unearned income? Excuse me while I break out my tiny violin....
Sums up the culture problem in the UK, people think they are entitled to make easy risk-free money just by buying property....so anyone that can access sufficient credit just piles more money into the market and we end up in this situation.