Am I wrong?

Reply to the comment left by Jill at 04/10/2023 - 17:06
The reason I assume they won't move out is that they won't be able to afford the rent anywhere else.

Reply to the comment left by David at 05/10/2023 - 11:44
I assume you've not done any major repair work in this time? Kitchen and bathroom? I'd suggest an increase (if only small), because from what you said, you won't review it again for another 2 years, and that's a long time (12 years) to have had no increase. Even if you feel like you don't 'need' the money now, put it into the pot and maybe repaint a few rooms, replace a carpet and keep the place looking nice and spruced up for them.

It is very difficult for any tenant to meet a large jump, in rent. It's better (like when boiling a frog), to do it slowly and gently. Tenants need to be aware of the local market. It happened to me once a few years ago, in a communal building, a few of us who had been there a long time then we got the shock of our lives, they wanted a jump from £155 to £185 per week... I looked in the local area and realised that the rents there were in the £210pw region (zone 2 central London). I hadn't realised. In the end, they said it'd go up by £10pw and they'd phase it in over 3 years. So each year - another £10pw.

I left at £165pw and moved further out (zone 3), downgraded (no ensuite) and got £90pw, but they were then able to take my spot and charge the £210pw, because as each of us left, it just went up and up. I've just checked now and its £255 pw! So, don't hike it up drastically, but a gentle increase helps because the other side to it, is with no increases all sorts could be going wrong in that place and they're scared to tell you. You want to make sure the property is being well maintained and looked after!

Reply to the comment left by David at 04/10/2023 - 11:15
I was running a lot of my property at below market value. Two reasons, I didn't really need the income ( yes, sounds odd ) and also I was being 'nice'. However, after my Son arrived ( I was a a late starter ) I started thinking more about me and the family and took another look at my property. When I approached my existing tenants and requested a 'modest' increase to the rents, they mainly were not happy, made comments about the properties ( which were all in perfectly good order ) ect. So, I thought bugger this, I'm just going to move the rents to the going rate. They essentially all moved out, got perfectly decent new tenants in ( who are all still present ) and now have perhaps £35k more per year coming in. Whilst some of the people you assist might appreciate your assistance, it only goes one way. I think the other turning point was when one tenant ( who was paying £400 under market rate ) told me how she was struggling as she was paying her daughters rent... Well, actually it was me who was doing it. Most of my money has been made in capital appreciation of assets as I always buy a cr*p house and do a full refurb and extension. But now, as I'm retired ( with a 2 year old ) I want the income, so I've just raised rents to the going rate. Existing tenants ( unless they are a pain ) won't get full rent increases each year but will get at least 80% of whaat the market expects. If the tenants could find cheaper or better they would be off like a flash I guarantee it.

Reply to the comment left by The Forever Tenant at 04/10/2023 - 14:17Forever Tenant, it is my dream that one day the government will start treating us "exactly like a business"

Said this before renting is a bhsiness not a charity
The Government Looney Left Shelter and Generation think the PRS is a charity
Many thosands ate leaving because of the anti Landlord rhetoric
Complain by email to your local MP,
M Gove and your Mayor
They don't want to lose there cushy well paid jobs
The more people who complain, the more likely they will back off

Maybe just set it at the relevant housing benefit level? Then they can see you are trying to help by not maximising their rent, but at the same time being fair.

Like others on here, I kept the monthly rent at the same cost but now, with mortgages being much more costly I’ve put mine up.
I’ve decided to review rents every year and will put them up a small amount each review.
I was happy enough with returns when the mortgage was cheap but won’t fall into the same situation again.

I short, YES. By all means charge less than the going rate (I do) but at least keep it sensible (I charge around £50 a month less than the going rate). You will find it very difficult now to 'up the rent' to anywhere near the market rate as it is likely the tenant won't be able to afford it.OR alternatively the tenant knows she can afford it and is taking you for a mug.