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Half of landlords to increase rents in 2014

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Half of landlords to increase rents in 2014

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Published by Max Salsbury for 24dash.com in Housing and also in Finance

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Image: Money Arrow via Shutterstock

Almost half of the UK's private landlords have plans to increase rents this year, a survey has revealed.

According to house share website SpareRoom.co.uk, four in 10 (42%) UK landlords will be increasing their rents, and 26% have designs to increase costs by more than 3% - way above the current rate of inflation.

However, in better news for renters, 58% of the 1,629 landlords polled said they had no plans to increase rents this year, with many reasoning that keeping good, reliable tenants in their properties takes priority.

And 5% told the survey that they actually plan to decrease their rental costs in 2014.

Matt Hutchinson, director of SpareRoom, said: "The good news is the majority of landlords would rather keep good, reliable tenants than make a few hundred pounds extra profit a year. Landlords hiking rents up by more than 3% risk attracting tenants who could struggle to pay their rent on time or, even worse, risk void periods with no tenants and no rental income at all.

“If you’re a good tenant don’t automatically just accept an increase. Use it as an opportunity to talk to your landlord and get some improvements carried out in return.

“If you’re facing rent increases check your contract. Tenants on fixed-term tenancy contracts could be protected them from rent rises as landlords aren't usually allowed to increase rents until the term ends, unless there’s a clause in the agreement saying the rent can be increased.”

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