I want to increase my tenants rent in London : read on?

29Jan/12Off

I want to increase my tenants rent in London : read on?

Ok so i rented my apartment last year : 9th June 2008. The asking price per month was £1100 pcm ( The Apartment is 1 min walk to Euston ) So I did lower it to £1050 pcm as the tenants seem like a nice pair. However there tenancy agreement is coming to an end this year and I want to increase the rent to £1150. The location of the apartment is extremely good and I know I will never have a problem renting it out. I know that a property next door to me ( smaller flat and not fitted out like my one ) rents for £1049.97 pcm and its much smaller then mine and not to high standards, so I think its only right to get more for my apartment, but how much more? You tell me....

Well remember its always better to get a couple as the rent ends up slit in 2, so £1150 ends up as £575 each per month, I know what some of you are saying , london is crazy exspensive!

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Tagged as: Apartment, Asking Price, london Comments Off

Comments (4) Trackbacks (0) ( subscribe to comments on this post )

Noobman
June 27th, 2010 - 12:12

Give ‘em a price drop… a BIG price drop.
Flossy86
June 27th, 2010 - 17:52

at my last flat my landlord added a 5% increase when we renewed the contract
DJJD
June 28th, 2010 - 02:02

Goodness me, that is an incredibly high rent! £242.30 per week to live in a flat! In our area, people are lucky to earn that much a week. No wonder London tenants are heading for the hills and snapping up cheaper rural properties and commuting to London. I would want a 5 bedroomed property with a couple of acres of land for that price. Our youngsters cant afford to buy properties in rural locations anymore, because commuters are forcing the prices up. Now I know why. Cheers. Hike the price up if you want to, but if you can’t get a tenant then you’ll have to rethink. Check the local papers for prices.
RedSnook
June 28th, 2010 - 09:01

Give it a shot but I would be wary of trying to screw money out of a good tenant in a time of economic uncertanties

You don’t ask, you don’t get

Great name BTW!!