12 Jul Navigating a Rent Increase: Tips for Tenants

If you currently rent a home, you might be concerned about an increase in monthly rent. After all, it’s commonplace in the market and, with rising mortgages and bills, several landlords have had no other choice but to increase their rent. 

While a rent increase can be an unwelcome surprise, the best thing to do as a tenant is to know how to handle them effectively. Here, we reveal exactly that and give you everything you need to know to handle the situation with confidence. 

• Review Your Lease Agreement – When you find out about an increase, the best thing to do straight away is to look at your tenancy agreement. Here, you should find some terms and conditions as well as your landlord’s rights and limitations when it comes to raising rent. There may also be information about the notice period required for a rent increase, the frequency of increases, and any specific requirements that the landlord must adhere to.

• Evaluate the Market – It’s easy to get annoyed or upset about an increase in your monthly rent but, before reacting, take the time to research the current rental market in your area. Look into rental prices for similar properties and compare them to what you’re currently paying. That way, you’ll know whether the rent increase is reasonable or not.

• Communicate with Your Landlord – Being able to communicate with your landlord is essential for a good tenant experience. If you have a question about the rent increase, then reach out to them and discuss your concerns. Understanding where they are coming from might help you to understand whether the rent increase is needed or not.

• Negotiate – If you do believe the rent increase isn’t reasonable then you could try to negotiate it but bear in mind that this might not always go to plan. Present your case by highlighting your value as a reliable and responsible tenant and reference your on-time payments and commitment to the property. If you have evidence of lower rental prices for similar properties in the area, you could show them this.

• Start Planning – If a rent increase is inevitable, it’s essential to take another look at your budget and make the necessary adjustments so that you can be confident you’ll be able to pay your rent. Identify areas where you can cut costs or find additional sources of income. Being proactive will help you to manage the increase without compromising your financial stability.

• Explore Alternatives – If the proposed increase is more than you can afford or if negotiations fail, you could get in touch with a letting agent to find a property that is more in line with your budget. 

Increases are an unfortunate part of the tenant experience but effective communication and planning can help to lessen the impact of it. Plus, with a letting agent by your side like Kaytons, we can advise on situations like this and ensure your rights as a tenant are protected. What’s more, with the right approach, you can successfully manage a rent increase and maintain a positive landlord-tenant relationship. If you have any questions or need some advice, don’t hesitate to contact our team of property experts.