Have you been reviewing your rent? Rents are on the up in Edinburgh!03 Jul 2019
It’s a fact that most things increase in price over time, has your rent?
To ensure that you are making the most of your investment as a landlord it’s a good idea to get up to speed with market rents in your area to ensure that you are charging your tenants a fair rent. This is particularly important where you have a tenant who has been in your property over a longer period. Now it may be that you are happy allowing your tenant to pay below market rent because they are a fantastic tenant but if that’s not the case then you should be reviewing your rent on an annual basis. And if you have an agent then it’s their job to be doing this for you.
Rents in Edinburgh have risen steeply over the last 5 years and to capitalise on your investment, your rent needs to be checked. Let’s take a couple of examples:
Lochend Gardens, EH7 – increase in rent of over 30% in the past 5 years– an upper cottage flat in good condition was getting £525pcm back in 2014, and the rent is now £695pcm. That’s a good increase on a monthly basis and will have a good impact on your income as a landlord!
Gorgie Rd, EH11 – increase in rent of over 30% in the past 4 years – a 2 bedroom modern flat was getting £670pcm in 2014 and now gets £875pcm. What could you do with an extra £200 per month? Save up to buy another property perhaps?
Viewforth, EH10 – increase in rent of 35% in the past 5 years – a 2 bedroom traditional flat getting £675pcm in 2014, now achieving a rent of £950pcm. Wow!!
So you can see, reviewing your rent is worthwhile!