I agreed to maintain the rent at the current level, given the market is fairly flat and the rent is already a good level for the area. The current tenant has been very reliable with no issues arising in the last year.
I'm a strong believer in the value of retaining reliable & trustworthy tenants, and will happily choose to sacrifice a rental increase to keep a good tenant and avoid periods of vacancy & the inherent risks in finding someone new. Of course I would pursue a rent increase if the market rate had clearly increased.
I always think that just 1 week of vacancy equates to around 2% of annual rent, so i'm probably likely to make a higher return in having zero vacancy when the market is fairly flat.
Absolutely the right approach - I do the same thing. Not only do you avoid the vacancy, but you reduce the number of times you have to do minor repainting and repair work between tenants.
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traineeinvestor
Yes, i've been quite fortunate so far with my experiences as a landlord, although i appreciate it won't always be this way. I'd certainly consider another buy to let investment in the years ahead if the numbers make sense.
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