Raising the rent

[MummyDuck]

Coming from a renter - it depends on the market. We had our first increase of 20% (yes percent) after 4 years, which we were angry about because it was so much, then $10 6 monthly - by the time we left we were still very much under market value and the rent was advertised at $40 a week more than what we were on.

I agree, if you have good tenants keep stable but if it means a massive increase at some point do it in increments.


Sent from my iPhone using Tapatalk

[MamaPan]

As a landlord I review the rent each 12 months (given that is the lease time) - depends what you agreed in the lease I guess
Re the amount - depends on the base amount - $10 per week on a $200 per week is a different story to $10 per week on a $1000 per week. What does your agent suggest?

[Indadhanu]

Not a landlord, but a tenant, we expect a rent rise around the time our lease is up for renewal, so every 12 months. We've been here 12 months and our rent just got increased $5 from $325 to $330 for our 3/4 acre block. We are quite happy about it, the rent is also about $100 under average for the area, so we were expecting at least $10 increase, and would have paid a lot more. They also gave us 2 months notice (is that the new legislation now?). The PM told us they landlords were very happy and wanted us to be happy as well, which is a nice thing to hear :-) I guess it depends on the average for the area. Some people will stay just so they don't have to move again, but others will consider moving again because of rent increases if they can find an equivalent property for less than the proposed rent.

[Shanti]

Yes I would. If they recommend it, and you could benefit, why not?

Tenants will always complain about a rise no matter when it occurs or how much it is, that's just how it goes.

At the end of the day, it's your property they are living in.

[Riss10]

Up until a couple of months ago, we were a landlord and we often came across your predicament. It was quite a simple decision for us. We had excellent tenants, who never caused an issue, and for us an extra $500 a year wasn't going to make a major difference to our mortgage, and we would much rather happy tenants then ones who would contact us over every single issue.

One of my friends tenants use to contact them every time they needed a light globe changed!!

[meow]

We recently had our tenant's 12 month lease end and we decided not to increase the rent. They are good tenants and cause us no trouble (and no grief even though the oven AND the hot water cylinder broke in the time they've been there) so we wanted to sweeten the experience and hope they would stay.