Should you Put your Rent up?
Rental income is important for a landlord, but it is also important for a tenant. As a landlord, you need to consider the whole picture before deciding if it would be the best move to put your rent up.
You need to be an expert in the local area when you own property. Keep abreast of all developments – know the standard of properties in your area, how much they are selling for and how much they are renting for. If you can, speak to other landlords so you can get to know the general climate.
If you feel that your rent is below the average for the area, then you may well consider putting up the monthly rental price. Before you do so, think about your tenants. If you are looking for new tenants, then try putting prices up to see if your property goes. If you have existing tenants, consider them as well – if they are good tenants, it may be worth putting your prices up less to keep them.