A rent review is a process through which the condition of a property is assessed in line with the current rental agreement, to determine whether or not the rent should be increased to more accurately reflect the value of the property. Typically, this kind of review will be requested by the landlord who has seen an increase in the rental prices of similar properties in the local area, or following a stint of upgrades to the property which they believe renders its value higher.
Whatever the circumstances, our letting agents in Romford are here to advise and ensure that, as a tenant, your rights are protected, and you can find and stay in a home that suits your needs and budget. Let’s take a closer look now at rent reviews, why they’re necessary, and what you need to do to protect your interests as a tenant.
All you need to know about a rent review
A rent review is generally conducted by either the landlord themselves or by an external rent review surveyor who offers a third party view with no direct relation to either party. This is generally the preferred approach to such a review as it allows for a more neutral decision to be made, not to mention it helps to streamline negotiations.
Once the initial review has been conducted and the findings have been communicated in a report, as a tenant, you are well within your rights to negotiate on the recommended uptick in your rent – however, it is advised that you do your research beforehand to secure a thorough understanding of the local market and to devise a financial plan which you believe reflects the value of the property as well as what you can realistically afford.
Any upgrades made to the property during the tenancy must be reflected in your counterargument, with fair consideration and acknowledgement of work which has been done to improve your rental home.
Should I be worried about a pending rent review?
Legally you need to be made aware of a pending rent review, at least two months prior to the review taking place. This should allow you sufficient time to assess the market from your own perspective and consider whether you will be able to stay in the property if the rent increases significantly.
