The challenge
The property was let at £400 a month, well under what it was worth. It also needed its compliance certificates bringing up to date. A rent that has drifted below the market usually stays there, because reviewing it properly means knowing what the property would actually achieve and being willing to have the conversation.
What we did
- Took over the management of the property.
- Arranged the compliance certificates the tenancy needed.
- Reviewed the rent against what the local market was genuinely paying.
- Implemented the increase.
The result
£400 → £600 pcm
The rent increased from £400 to £600 per calendar month, an extra £2,400 a year from the same property.
The takeaway
If nobody has reviewed your rent in a few years, there is a fair chance it is below the market. A rent review is not about squeezing a tenant; it is about the property being let at what it is worth, with the compliance behind it in order. Both are part of managing a property properly.