One of my landlords popped in to discuss their portfolio this weekend. And we got on to the subject of rent increases. As a matter of course we review rent annually, looking at the current market, and where appropriate we would suggest an increase.
Looking at a couple of examples, in the Castle Road area where we manage many 3 bedroom terraces varying in size.
In 2009 just after the crash in the housing market, rents plummeted and we were looking at £700/750 per calendar month for these types of property. At this time the market was saturated with “accidental landlords” forcing rents down
In comparison for the same properties in 2013 were £775/850 per calendar month, looking at a percentage increase of between 10 and 13% showing that the rental market is well on road to recovery.
And now we are looking at £900+ for those very same properties.
There are still bargains to be had, check out our blog for more information