Most leases of 3 years or greater have a rent review clause. It is an opportunity for the landlord to review (NOT AUTOMATICALLY INCREASE) the rent.
The method for reviewing the lease is newer exactly the same for any two properties. It is set out in the lease. This is very important and you must be able to interpret the wording of the lease to decide how the new rent is to be set!
Usually the rent is to be reviewed to market rent. Usually on a specific REVIEW DATE.
So how is/was the market on that date? This is the number one factor in deciding what the rent should be.
In short……a landlord cannot increase a tenants rent willy nilly………
We negotiate rent reviews on behalf of both landlords and tenants. We often bamboozle unsuspecting tenants into unjustified increases……..
We never allow tenants to agree a penny more than can be fully justified…….
We bat for both sides…….
We would be happy to discuss any rent review issues you might have…….just give us a call.
We will need to measure your property and read your lease to give detailed advice.