Hi. I am a landlord. I am renting my property to a good tenant for the last 3.5 years. Last time the rent was increased 1.5 years ago. I intended to significantly increase the rent in line with current market value in 6 months time.
Current rent paid €1,350
Current market rent on similar properties €1,700 (I'd be happy with 1,600 given tenants are good)
New measures suggest that I will only be able to increase by 4%, which means 1,404 which leaves me 200-300 per month below market rent. This potentially leaves me out of pocket for 3,600 per year. Is there anything I can do? The new measures created two tear system whereby some recently rented properties enjoy higher rent whereas those that have been rented out for awhile are significantly at a disadvantage.
I was considering giving tenants termination of tenancy notice, given 4 years tenancy will expire soon (in 6 months) and getting a new tenant at a higher rent but it seems that I can't even get market rate for a new tenant? Seems crazy? Any ideas? How can I achieve current market rent on my property?
Current rent paid €1,350
Current market rent on similar properties €1,700 (I'd be happy with 1,600 given tenants are good)
New measures suggest that I will only be able to increase by 4%, which means 1,404 which leaves me 200-300 per month below market rent. This potentially leaves me out of pocket for 3,600 per year. Is there anything I can do? The new measures created two tear system whereby some recently rented properties enjoy higher rent whereas those that have been rented out for awhile are significantly at a disadvantage.
I was considering giving tenants termination of tenancy notice, given 4 years tenancy will expire soon (in 6 months) and getting a new tenant at a higher rent but it seems that I can't even get market rate for a new tenant? Seems crazy? Any ideas? How can I achieve current market rent on my property?