Updating post from Reddit.
I know landlords can be a pain but just wanted to shout of the absolute legend I have. Coming to the end of a tenancy, my partner was still paying COVID rent of 2080Pcm for a 2bed in borough, which is already a steal. I had only moved in about a year ago after her flatmate left. Now the apartment is in pretty poor condition so we said we would move out at the end of the agreement but we would extend if the landlord agreed to replace almost all furniture, repaint the house and redo most of the bathroom and kitchen fittings. To our absolute shock they agreed and the apartment feels almost brand new! And All that for only a 50 pound per month increase on the rent to 2130PCM. So happy and my landlord is an absolute gem!
Sounds like your landlord wants you to stick around.
I was gonna say landlord's love a reliable renter. But the flat becoming such a state makes me puzzled as to how it got to that
If it's been occupied for a while little things pile up.
Often landlords don't even know there's an issue unless the tenant tells them.
You’ll get the hate mob on as usual but thanks for sharing. It’s more common than you’d think but bad news travels better! A good landlord / tenant relationship works for both parties. When you get aggro twats on here winding people up to fight it’s more about their own shortcomings than any real desire to help people.
Anyway, nice to see it working.
Unbelievable amount of money per month for a flat. Don't care how big it is, or where. I thank my lucky stars I got on the housing ladder. No way I could afford that.
We know looking at similar around us for a 2 bed it’s around 2500-3000 PCM so we are very lucky to be able to stay basically right in borough near London bridge.
Landlord haters gonna loathe this post.
Nice to hear and it should be like that. All houses need a refresh nothing lasts forever. Good tenants should equal nice landlords. We are not all fortunate enough to own more than one property.
That’s still a lot of money for a 2 bed flat. Housing is ridiculously high I’m general thanks to government policies
Most landlords want a tenant to stick around. In my experience it's properties managed via an agent which have issues. In your scenario the agent would push for an uplift each year with a renewal (because they get a fee for that) and would sell it to the landlord as "it's below market/we can find another tenant easily if this one leaves" etc.
Imagine you'd said to your agent you want those bits done. The agent is gonna ham it up to the LL that "the tenants have moaned about X Y Z and want you to spend £££ on the flat... honestly, you'll get another tenant in days at £££ rent without needing to do half that work..." etc etc.
I think this is a good example of how renting goes in real life from non corporate (ie big companies and more independent good landlords.) You don't see this on reddit much due to the nature of this website and it's users.
Good independent Landlords with a good tenant often have a positive, constructive and contributory relationship that goes both ways.
Heartbreaking to see how low our expectations have become these days tbh
Most people wouldn't want such extensive redecorating whilst they're living there...
In no other area do people have an expectation of prices never rising.
Thank you so much for letting me pay your mortgage and having the good grace to furnish your own permanently appreciating and guaranteed income yielding property. Consider this extra 50 quid a month, not just some legally enforceable rake on my labour, but a welcomed tip for exploiting my willingness to live with a smile.
The thing is Steve, what you're not taking into account is the risk. I'm not rich, but I took the risk of getting a BTL mortgage and buying a property. Any number of things could go wrong, from a broken window to a full roof replacement, bad tenants, thousands of pounds of debt and repossession.
If it all goes tits up, I lose everything, but the tenant merely moves on and rents somewhere else with no great upset to their life.
So yes, if it's all going well you can do OK as a landlord; you are correct insofar as that goes, but I think it's disingenuous to highlight solely that aspect. The web (including this sub) is littered with examples of landlords for whom things have gone badly wrong. So the tenant's rental price is certainly based on the asset, but it is also a reflection of the risks that the landlord is taking.
So you'll never have a loan, never a mortgage, never a hp or lease on a car, never rent... Well, the view from the top of that massive ivory tower must be quite something.
I won't extract rent from others on assets I own, no. I generate value to make a living.
What is your view on other rental industries - car hire and power tool hire for example? Hotels even.
If the landlord has done all the renovations the rent is they’re wages and they don’t get paid until a tenant is in
You and I both know that rent is determined by the asset and not the labour of the landlord.