Insane rent increase.

We were paying £800 per month to rent a 2 bed flat before we bought our house in Feb 2020, just before the pandemic. The landlord then advertised the flat to rent for £825. It was then advertised about a year later for £900, lord know what he's charging now.

He was a good landlord though. He sorted problems straight away, and charged us slightly less than the going rate while we were there.
 
LizardKing said:
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.
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It sounds like you are not factoring in all the increased risk and costs a landlord has and might be making the common mistake of assuming the rise in cost is to cover 1 years inflation. Many landlords don’t increase the cost year on year and wait which benefits the tenant. Then after a number of years they get to a point where they cannot absorb the inflation costs anymore and so they do one larger increase to cover all those years inflation together. As long as its not every year a £50 or £150 increase is perfectly reasonable and normal. Even a 20% increase can be fare at times and in fact it would be unfair on the landlord to do less then 20% as long as its not every year.
 
mid_gen said:
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.
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You don't get it.

The level of risk you have to take is too much for the reward you get. There's better alternatives. That's why rent is increasing. Blame the government not landlords.
 
smeemi said:
You don't get it.

The level of risk you have to take is too much for the reward you get. There's better alternatives. That's why rent is increasing. Blame the government not landlords.
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I don't blame landlords at all....I'm just quite happy to see the amateur landlords that feel that they're entitled to easy unearned income get a taste of reality.

Housing should be for homes, not profit. The whole market is broken, owner-occupier and rental.

FYI I own my home and am making tons of easy unearned capital gains, so I'm not personally bitter about losing out or anything.
 
A mate of mine owns several houses outright for which he rents them out.
He's just wacked up the pcm by between 100 - 200 notes on each of the properties. I asked him why he's increased the rent, after all he actual owns the houses without mortgage so wouldn't take any financial hit. His answer was: because I can.

This is the same guy who has a very luxurious lifestyle.... travels the world on one constant holiday stopping at high end hotels.
 
purplesky said:
A mate of mine owns several houses outright for which he rents them out.
He's just wacked up the pcm by between 100 - 200 notes on each of the properties. I asked him why he's increased the rent, after all he actual owns the houses without mortgage so wouldn't take any financial hit. His answer was: because I can.

This is the same guy who has a very luxurious lifestyle.... travels the world on one constant holiday stopping at high end hotels.
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And people wonder why landlords are despised so much.
 
Uther said:
And people wonder why landlords are despised so much.
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Of course landlords charge as much as I can for rent. It is basic business. I'd sell my farts if I could :D.
I am mortgaged in the house I live in and have no rentals. I toyed with the idea of having a rental but the tax changes a few years ago made it barely worth the hassle. All I wanted it for was to use as a pension booster so I could retire earlier than 67 :).
 
OpenToSuggestions said:
Of course landlords charge as much as I can for rent. It is basic business. I'd sell my farts if I could :D.
I am mortgaged and have no rentals. I toyed with the idea of having a rental but the tax changes a few years ago made it barely worth the hassle. All I wanted it for was to use as a pension booster so I could retire earlier than 67 :).
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Yep.. its really not worth the hassle.

Part time job would pay more.
 
purplesky said:
A mate of mine owns several houses outright for which he rents them out.
He's just wacked up the pcm by between 100 - 200 notes on each of the properties. I asked him why he's increased the rent, after all he actual owns the houses without mortgage so wouldn't take any financial hit. His answer was: because I can.

This is the same guy who has a very luxurious lifestyle.... travels the world on one constant holiday stopping at high end hotels.
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Man who knows how to make money living lavish lifestyle shocker?
 
Haha. The amount you have to deal with being a landlord. I had Italians shouting down the phone on me as they spent £400 on energy for 3 months after they left the boiler on 24/7, saying back in italy it would have been £100 blah blah. It would have been £800-900 at current rates.

They also flooded my flat and yes I went to clean it up as they were on holiday. Got it all nice and ready for them by the time they were back and didn't charge them anything.

Then my flat got flooded a second time with foul sewage coming through the shower from the communal drains. Yes I went to clean up someone else's **** for my tenants.
 
smeemi said:
Yep.. its really not worth the hassle.

Part time job would pay more.
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Tbh why should a landlord make a profit? You've already got someone paying off the mortage on the property for you and covering costs, that should be enough. Asking for a profit on top is just greed, be happy with the asset you are left with at the end.
 
Puzzled said:
Tbh why should a landlord make a profit? You've already got someone paying off the mortage on the property for you and covering costs, that should be enough. Asking for a profit on top is just greed, be happy with the asset you are left with at the end.
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The whole rent gets taxed now, you need 25% minimum down before you can get a mortgage (rubbish interest rates too), tenants can refuse to pay and it takes time to kick them out (during COVID the law banned it totally), they can trash the place and so on. There is so much more to it than landlords ripping off tenants. There are as many crap landlords as they are crap tenants.
 
It's a shame some of these AirBnB places don't offer a longer term rent deal.

I just looked on the Rightmove website for Oldham, and there are places costing less than you're paying per month.

Currently one in Fields New Road, Chadderton for £512 per month.
 
OpenToSuggestions said:
The whole rent gets taxed now, you need 25% minimum down before you can get a mortgage (rubbish interest rates too), tenants can refuse to pay and it takes time to kick them out (during COVID the law banned it totally), they can trash the place and so on. There is so much more to it than landlords ripping off tenants. There are as many crap landlords as they are crap tenants.
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100%.

Plus have an asset that is depreciating and not appreciating. Losing both ways. Ah well. It'll be sold in September probably to a landlord who can afford to keep it long term and they'll put the rent up. That's usually how it goes.

I choose to keep my rent low as id rather find good tenants that will pay on time each month. An additional £200 a month rent means nothing to me, as most of it goes in tax.
 
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My rent went up from $1800 to $2100 a month. We looked at moving closer to my job, as I have an hour drive each way. But we would only be saving $100 a month and still have at least 30 min drive to work. A comparable house in the city where I work is around $3500 a month.
Luckily this is my last year renting. We are buying next year.
 
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