At City Rental Services, we work in partnership across BS postcodes with many portfolio landlords.
By definition, if you own and rent more than one property in Bristol, you’re a portfolio landlord.
With 2014 well underway, it could be a good time to review rental incomes, in particular if you have tenants who have been in situ for more than 12 months.
It’s also important to carry out rented property inspections, to keep up to date with repairs and maintenance of your portfolio.
We came across this useful article recently, which discusses the Do’s and Don’ts of rent increases for landlords and tenants.
It’s worth both landlords and tenants reviewing, with some useful information, including this quote from Matt Hutchinson, Director of SpareRoom:
“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. Rent increases should be carried out at the end of the fixed term and then annually thereafter and also I line with the terms of the tenancy agreement.”
Portfolio landlords in Bristol, review what is being charged locally, examine the going rental rates, on for instance www.rightmove.co.uk.
Rent increases need to be done correctly with the right forms being used, and at least one months’ notice given.
Useful information from Lawpack can be found here on how portfolio landlords can increase rents.
Remember, a tenant has a right to discuss rent increases with a landlord, and these are usually in line with the rate of inflation, or when looking at specific market conditions.
Rent increases need to be carried out in a considered manner. Landlords in Bristol – why not do things properly, with a visit to the tenant, and treat each case on its own merits.
If you’d like to find out more about our Bristol letting agency, please feel free to get in touch here.