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How to optimise rent increases

This question is from Rodney

My tenant’s last rent increase took effect on 1 April 2023. Does the notice for this year’s rent increase need to be given on 1 April, the same day as last year’s increase, or can it be provided 60 days prior so that the new rent increase aligns with the anniversary of the previous one?”

The latter. You can align your rent increases on the anniversary of the previous one by giving notice (allowing for service time) 60 days before the anniversary date. In simpler terms, according to s24(1)(e), you must maintain the same rent for your tenant for a minimum of one year before implementing any increases.

We advise landlords to review and adjust rents to match current market rates periodically. Implementing small, regular increases in a timely manner is preferable for tenants, as they are easier to anticipate and manage than sudden and significant hikes.

Landlords, your questions matter! If you’re facing tenancy uncertainties or need advice, we’re here to help. Drop us a line at [email protected] with your inquiries, and let’s build a community of informed landlords. Your experiences and questions contribute to a collective knowledge that benefits us all. Looking forward to hearing from you!

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