As you know one of the trickiest situations when renting property is increasing the rent.
Nobody likes those awkward conversations and it's especially difficult to have them when you know the tenant personally.
Our process is to increase the rent annually to 5% below the market rate:
1. This means the tenant is rewarded for remaining in a long-term tenancy and gets a slightly lower rent.
2. You get close to the market rent and maximise your return.
3. This also minimises the chance of any voids with the subsequent loss of rent and potential refurbishment as the tenant would pay more rent elsewhere. WIN – WIN!