I have an residential house on an AST which has now expired and needs a new agreement. The tenants have been with us for a little over 4 years. We feel the monthly rent should now be increased. There has not been a rent review at all/in the last 4 to 5 years. The level of rent we have been charging has always been low to fair and is currently 10 to 20% below current market rates.
I have read that in order to increase the rent there has to be a section in the AST that covers this issue. I have downloaded the AST from RLA website and can see no mention of 'rent reviews' . Can you offer some further guidance/clarification.
If it helps/is relevant - we have no issues with the tenant (looking after the property/paying their rent) nor they with us (we always respond quickly to any issues they have). It is merely that the current level of rent is now a little to low (below market value). I am aware of the trade-off between pushing the rent too high and empty periods.
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