It is currently more expensive to be a tenant than it was prior to the epidemic, when prices were actually declining, as private rental costs have recently reached record highs. According to the most recent data from real estate website Rightmove, the average rent in London has increased by 16.1% over the past year, the largest yearly increase ever. This has brought average monthly prices to £2,343 and is continuing to rise.
Outside of London, average monthly costs have increased by 11% over the past year to £1,162. Inflation and demand are the main causes of this. Up until very recently, the increase in real estate values led to larger mortgages, which were subsequently passed on to tenants as higher rents.
Prices are also being impacted by a higher demand for rental properties at a time when the supply is declining. According to property experts including letting agents in Notting Hill, in comparison to previous year, tenant demand has increased by 20%, while the number of rental properties is down by 9%.
Some renters are feeling more helpless as a result of these changes since they are unable to pay their landlords’ rising bills. Your landlord is not permitted to unilaterally raise your rent at any time or by any amount. Depending on the kind of tenancy you have, they must abide by specific rules if they want you to pay extra. The best course of action if you object to your rent increase is to speak with your landlord and attempt to negotiate a lower monthly payment. You can dispute the raise if you can’t come to an understanding.
You could be able to get additional funds to cover your rent rise if you receive Housing Benefit (or housing expenses payments through Universal Credit). Before the increase takes effect, notify the council’s housing team and provide proof, such as a letter from your landlord.
Verify your lease agreement.
Depending on the type of lease you have, your landlord must adhere to specific rules before raising your rent. Typically, you’ll receive an “assured shorthold tenancy.” With this sort of tenancy, your rent may be increased on a regular basis, such as once a year. For such stipulated rent increase as per your agreement you can check with experts like Tooting letting agents. However, not all landlords will do this.
Concluding a deal with your landlord
Inquire with your landlord about paying a little less than they recommend. For instance, advise meeting in the middle and paying £775, if your landlord wants to raise the rent from £750 per month to £800 per month. Instead of taking the chance of losing you as a tenant, your landlord can offer a lower price. Look into the rental rates for comparable residences in your neighbourhood before attempting to come to an agreement. Make use of this as justification for not raising your rent. If you and your landlord are unable to come to an agreement
Consider all of your choices before opting to leave if you feel that the rent increase is reasonable but still too expensive for you. Check to see if you qualify for rent assistance. You might be eligible for Housing Benefit (or housing expense payments through Universal Credit), for instance, if you have a low income or receive benefits. If you choose to leave, be sure you have a new location to call home before you depart. If you vacate a property that would have been affordable, you might not be eligible for any assistance from your local council.
Contesting the increase in your rent
You can file an appeal with a tribunal for rent complaints if you are unable to convince your landlord to lower the rent. You can do this for nothing. Even if you contest the rent increase, don’t stop paying your present rent; otherwise, you risk falling behind on your payments. If your landlord follows the correct procedure, they may try to evict you if your rent is late.
Not paying your rental increase
Your landlord may attempt to evict you if you fail to pay the increased amount of rent and are unable to stop the increase through negotiation or legal action. You won’t get kicked out immediately, so don’t worry. Unless you reside with your landlord, they must follow an eviction procedure. To do this, we must first provide you formal notice that you must vacate the premises before obtaining a court order. Learn more about eviction management. If you share a residence with your landlord, they may be able to evict you more quickly by just providing you a reasonable period of notice to vacate, which could be very little time at all.