Considering increasing rent on property

[guideanna]

Hi all,

Just looking for some advise on this.

I currently have a 1 bed apartment for rent. Location is Dublin1 so very central.
I've had good tenants in it for apx 2 years now and they are getting a very good rental rate in comparison to what i'm seeing on daft these days for similar properties. At least €100 lower p/m.

I'm considering raising the rent, just by €50 per month to keep in line with going rates, don't want to loose the tenant and missing a months rent would be the difference in the higher rent, but like the rest of us the extra money would be a great help towards the mortgage on the property, property tax, etc.

What do you think, is there good demand for rental property in the city at the moment if worse case the tenant decides to leave. Has anyone else increased rents recently? How did it go down with the tenant?

 

[landlord]

I upped the rent on all of my rental properties a few months back by just 50 euro, also keeping the new rent slightly below market average. I emailed them links to similar property's on the daft website at higher rents and also gave them the option to move out if they wanted. Every tenant agreed without any complaints or negotiation.

 

[guideanna]

I went ahead and notified the tenant and they have agreed to the rise by €50pm.
As you say, keeping it still slightly below the market rate but happy tenant happy landlord!

 

[Kine]

Presumably to raise the rent liek that it must be either (i) the renewal of a fixed term lease or (ii) a part 4 tenancy where you can raise the rent at whichever point you choose?

 

[facetious]

Presumably to raise the rent liek that it must be either (i) the renewal of a fixed term lease or (ii) a part 4 tenancy where you can raise the rent at whichever point you choose?

Quite right, can't do it during a Fixed term and with a Part 4, provided it hasn't been increased within the last 12 months - the OP hasn't increased the rent in 2 years.