What’s the best approach for raising rent for a reliable tenant?

What’s the best approach for raising rent for a reliable tenant?

0:02 AM, 31st July 2024, About 3 hours ago

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Hi, I’ve got a good tenant who’s been paying £800 a month to rent my property. From research on Rightmove and also local feedback suggest that the going rate should be around £1,000 a month. I’m thinking of raising the rent by £75 a month, which would bring it up to £875.

Is raising the rent by £75 pcm allowed? And if the tenant is not happy with this do I swallow what he would like to pay or do I consider replacing him?

Or should I maybe try to negotiate with the tenant?

Any advice on how to handle this matter would be greatly appreciated.

Thanks,

Colin


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