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If you have an interest only mortgage on your rental property, you may be eager to increase the rent your Tenant pays. Rent can only be increased at certain times throughout the tenancy so it is important to understand when valid rent increases can happen.
The Tenancy Agreement signed by you and your Tenant should include how and when the rent will be reviewed.
For a rolling week by week or month by month tenancy (periodic tenancy), you cannot normally increase the rent more than once per year without your Tenant’s agreement.
For a fixed term tenancy, running for a set period of time, you can only increase the rent if your Tenant agrees. If your Tenant does not agree to the rent increase, the rent can only be increased when the fixed term ends.
For any tenancy, you must get your Tenant’s permission if you want to increase the rent by more than previously agreed. The rent increase must also be fair and realistic, in line with average local rents.
If the Tenancy Agreement sets out a procedure for increasing the rent, you must follow this. Otherwise, you can:
- Renew the Tenancy Agreement at the end of the fixed term but with an increased rent;
- Agree a rent increase with your Tenant and produce a written record of the agreement that you both sign;
- Use a “Landlords Notice Proposing a New Rent” form, which increases the rent after the fixed term has ended;
You must give a minimum of 1 months’ notice if your Tenant pays rent weekly or monthly. If your Tenant has a yearly tenancy, you must give them 6 months’ notice of the rent increase.
For more information and to ensure any proposed rent increases are valid, please contact our Landlord & Tenant Law specialist, Ian Heal, on 01983 562201.
