Landlords Association Recent Landlord News Why your rent is about to go up Landlords said they will be forced to increase rents this year

Why your rent is about to go up Landlords said they will be forced to increase rents this year

Hull will have to pay £142 more rent a year to cover their landlords’ costs.

The average monthly rent in Hull already stands at £472, and experts are now predicting a further rise of 2.5 per cent in 2018, piling the pressure on tenants who are already struggling with stagnant wages and the rising cost of living.

According to online letting agent MakeUrMove, the figures show nearly a quarter of tenants in the city will have their rent increased by more than £10 a month.

They say the upcoming tenant fees ban, loss of mortgage interest tax relief, and regulatory changes have all combined to create a perfect storm of financial pressures and burdens on landlords across the city, leaving nearly a quarter of them with no choice but to raise tenants’ rents to cover their costs.

As a result, tenants in Hull face paying an average of £11.80 a month more, totalling £212 across a typical 18 month tenancy.

Despite negative perceptions to the contrary, all of the landlords with properties in Hull surveyed by MakeUrMove believed it was important to keep tenants happy, suggesting rent increases are a last resort.

Alexandra Morris, managing director of MakeUrMove, said: “Rents have already been increasing year on year. It’s likely that 2018 will see tenants in Hull feel the biggest impact yet from changes in the private rental sector.

“From our experience, we know many tenants in the city are already stretching their monthly budgets to afford rental properties, and additional rent increases could be the final straw, tipping them into debt or rent arrears.”

Ms Morris said 57 per cent of landlords in Hull only own just property, meaning they operate on very tight margins. She said: “Recent changes introduced by the government have put even more pressure on them. This means they will have no choice but to consider these rent increases in 2018 which will negatively affect tenants.

“The value of these landlords cannot be underestimated. They play a vital role in the city and region, adding valuable capacity and flexibility to the housing market.

“The value of these landlords cannot be underestimated. They play a vital role in the city and region, adding valuable capacity and flexibility to the housing market.

“While regulation of the private rental sector is essential, it’s important the government recognises the role smaller landlords play and supports them, as the unintended consequences of not doing so will be to the further detriment of tenants.”

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