I own a mortgage-free flat that has had an (excellent) tenant since January 2016. During this time, I have increased the rent on two occasions by modest amounts. I last did this a year ago, and now the rent is well below market rate.
I have no particular personal financial need to increase the rent to the market rate, yet it would represent a substantial increase to the tenant, a single mother with a child.
Should I look to increase the rent even though I don’t need the money? If so, should I aim to do this gradually over time? Finally, would I be better off asking a letting agent to manage the property and increase the rent when they think it necessary?
David, Bristol
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March 19, 2023 at 07:01AM
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Should I raise my tenant's rent even though she's a single mother and I don't need the money? - The Times
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