{"id":977,"date":"2016-07-20T11:54:17","date_gmt":"2016-07-20T11:54:17","guid":{"rendered":"http:\/\/www.tolet.com.ng\/blog\/?p=977"},"modified":"2018-09-10T16:18:30","modified_gmt":"2018-09-10T15:18:30","slug":"when-should-a-landlord-increase-house-rent","status":"publish","type":"post","link":"https:\/\/propertypro.ng\/blog\/when-should-a-landlord-increase-house-rent\/","title":{"rendered":"When Should A Landlord Increase House Rent?"},"content":{"rendered":"

Is there a statutory time to increase house rent, say, 2 years after? Or, should a landlord just do as he wills not minding who gets affected?<\/em><\/p>\n

Having a father who is\u00a0a landlord as afforded me the opportunity to learn some things about the landlord-tenant relationship. My father happens to be very humane and could go the length of leasing out his apartment for free.\u00a0However, his\u00a0nice character has warranted\u00a0the situation of\u00a0not being able to increase house rent when appropriate as most of his long-staying tenants\u00a0still pay almost the same amount they first paid.<\/p>\n

When to increase the amount charged for rent has always been the most difficult situation every landlord has to face since once an\u00a0agreement is signed with tenants, it becomes harder to breach the contract as\u00a0it\u00a0might lead to\u00a0losing some of them.<\/p>\n

However,\u00a0for some solid reasons it becomes necessary to increase rental charges. This way, you\u00a0will be able to pay for property maintenance<\/a>, pay off mortgages<\/a> or bank loan, pay taxes, and above all since you’re in the business to\u00a0make\u00a0money, you will need your profits at the end of the month.<\/p>\n

Therefore,\u00a0before you decide when to increase the amount you charge for rent, there are some factors you need to consider. Below are some of them.<\/p>\n

Location\u00a0<\/strong><\/h2>\n

As a landlord, before deciding on the rental, you need to look at where your property is located. Is it in the suburb\u00a0of the city or a\u00a0rural setting? One\u00a0important thing to note is that the rental rates in the city and away from the city are very different. If your property is located in the city, and the rent you charge is lower, not forgetting the demands of the city and its environs, then you need to increase the amount you charge for the rent.<\/p>\n

Similarly, if your property is located away from the city or in a remote area, then the demand in these places is not high, and also the expenses are slightly lower. It’s always good to charge a lower amount on your property in areas like these. If you charge a higher price here, the chances are that you will end up with so many unoccupied houses<\/a>, and this will give you great losses.<\/p>\n

Economic\u00a0Conditions<\/strong><\/h2>\n

Before deciding on when to increase the amount you charge on rent, it is always good to look at the current economy of the\u00a0country<\/a>. When the economy is unfavorable, this might not be a good time to increase your rent. However when the economy is very favourable, and other investors are also coming in to set up their properties and businesses in your area, then this could be the right time.<\/p>\n

Therefore,\u00a0there is no laid-down rules for determining when to increase rent. But with discretion, as a landlord, you can\u00a0ascertain the best time\u00a0to do so while protecting your image<\/a>. What do you think?<\/p>\n","protected":false},"excerpt":{"rendered":"

Is there a statutory time to increase house rent, say, 2 years after? Or, should a landlord just do as he wills not minding who gets affected? Having a father who is\u00a0a landlord as afforded me the opportunity to learn some things about the landlord-tenant relationship. My father happens to be very humane and could …<\/p>\n","protected":false},"author":11,"featured_media":980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[38,467],"tags":[140,183,123,182],"class_list":["post-977","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-real-estate-advice","tag-house-rent","tag-nigerian-economy","tag-nigerian-landlord","tag-unoccupied-houses"],"_links":{"self":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/977","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/comments?post=977"}],"version-history":[{"count":9,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/977\/revisions"}],"predecessor-version":[{"id":10772,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/posts\/977\/revisions\/10772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media\/980"}],"wp:attachment":[{"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/media?parent=977"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/categories?post=977"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propertypro.ng\/blog\/wp-json\/wp\/v2\/tags?post=977"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}