ASK331: How do I handle a rent increase? PLUS: Should I buy in a tower block?

The Property Podcast

Rob Bence & Rob Dix

Business News, News, Business, Education, Investing

4.8 • 2K Ratings

🗓️ 3 May 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

It’s time for some more listener questions and this week we’ve got some good’uns lined up for you! Kicking us off this week we’ve got a cracking question from Sian in Wiltshire. Sian is a fairly new investor and her first tenant’s tenancy is coming to an end. What she’d like to know is how does she go about introducing an annual increase in their rent? Is there a bog-standard calculation she should be using? Should she base it on inflation? Or are there other things she should be considering? Her tenant is a good tenant, so she doesn’t want to rock the boat, but she also doesn’t want to cut herself short and miss out on market value rent. What advice have Rob & Rob got to help her out? Next up we’ve got a question from a mystery caller. This listener didn’t leave his name, but that won’t stop us from answering this corker of a question! He’s currently considering purchasing a flat in a tower block (all cash) and he wants to hear what Rob & Rob think about this? With the ongoing cladding situation, lenders are still cautious to lend on tower blocks, but as he’s going to be buying in all cash, so he could secure himself a little discount. Do Rob & Rob see tower blocks changing any time soon and how do they think they will appreciate in the future? Tune in to find out. Do you have a buy-to-let or property investment related question for Rob & Rob? You could feature on the next episode by giving us a call on 013 808 00035 and leaving a message with your name and question (normal UK call rates apply). Or if you prefer, click here to leave a recording via your computer instead. The next question on Ask Rob & Rob could be yours. Have you joined us over on the Property Hub Forum yet? Our online community is friendly, informative, and the members are waiting to welcome you with open arms. So, get yourself over and introduce yourself. And if you’d like to find out more information about Portfolio you can do that here. See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	Hi I'm Rob and I'm Rob and this is Ask Rob and Rob. Welcome to Ask Rob and Rob. We
0:09.6	love answering your property questions and that's what we do every Tuesday. We've got
0:15.2	a couple of good things coming up but first here's how you get in a question of your own.
0:19.5	You can go to our website propertyhub.net forward slash ask that's propertyhub.net forward slash
0:26.8	ask and you can record a message that way or you can leave us a voicemail on 013 808
0:33.4	triple 035 whatever you prefer both super simple and Sean has followed that method to a tea
0:40.6	and left us this great question let's have a listen. Hello Rob and Rob my name is Sean and
0:45.2	I'm calling from Wiltshire. I am fairly new property investor and I'm approaching time
0:49.7	where my first tenants are coming up for one year in the property. I'm wondering if you
0:53.9	can give me some advice please on how I go about setting an annual increase to the rent whether
0:59.8	there is a sort of calculation that people do in general whether I just use a standard inflation
1:04.3	rate or whether there are other things that I should be taking into consideration the tenancy is
1:09.0	going very well I don't want to rock the boat but I also don't want to find myself five years down
1:13.9	the line realizing that I'm not getting a market value for the property so any advice you can offer
1:19.8	would be very grateful you received thanks very much. Thank you it's a really interesting question
1:25.2	and it's particularly a challenging one for me because this is something that I haven't done
1:31.9	you mentioned not wanting to rock the boat and that's my attitude as well so my tendency is to
1:37.3	just not increase the rent during a tenancy and generally that's okay because for example in
1:45.0	the properties I own that are city centre apartments you tend to not get tenants staying for more
1:51.2	than a couple of years they'll move on for some reason either their students or they want to move
1:55.3	to somewhere bigger or their friends who go the separate ways and so you don't have people who
1:59.5	are in there for a long period of time and the rent can get really out of whack with where it would
	...

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