Having properties and renting them out is one of the ways that you can make passive income. You should, however, properly secure your home. One of the best ways to secure your home is to get insurance and also set up security cameras. You can easily know the best type of insurance policy for your home and the company to get it from, by reading about insurance companies on BritainReviews. You should also see outdoor home security cameras shops reviews to know the best company to patronize to install an outdoor camera for your home.
As a landlord, you can only allow your tenants to install and control indoor security cameras since it would amount to invading their privacy if you can see what happens within their house with a camera. There are many things we often need clarification about before going ahead, irrespective of if we are at the giving end or the receiving end. We don’t want to make mistakes that will be costly to us. One of such things is knowing if it is legal to increase the rent of your tenants as a landlord or if it is legal for a landlord to increase your rent as a tenant.
The simple answer to this question is YES, it is legal for the landlord to increase the rent of their tenants as long as they heed certain rules that have been laid down. The rules are majorly laid down to protect the tenant since the landlord as the owner of the property could abuse his or her privileges. For instance, there have been instances where because a landlord has to use the property or have gotten someone else who needs the same property has maltreated their tenants or suddenly increase their rent just to force them out. Knowing about the rules on increasing rent will guide you as a landlord not to go against the law and allow your tenant to institute a lawsuit against you. On the other hand, knowing the rules will also help the tenant to avoid being cheated by the landlord.
The rules that apply to legal increase of rent are of 2 dimensions. The 2 dimensions imply how the tenant pays for their rent. Tenants often have 2 options, one of which they opt for as agreed with the landlord before moving into the house. There are properties where the tenants pay rent on a weekly or monthly basis while there are other properties where tenants pay rent every year or even for several years.
If a tenant pays rent on a weekly or monthly basis, the landlord can only increase the rent a maximum of once a year. However, he could increase more than once a year if he and the tenant can agree. This will require a written agreement signed by both the landlord and the tenant. The rent must also be increased in a way that is fair, realistic and in line with the prevailing market rates for that type of property.
In the cases where tenants pay for rent yearly or a longer period, a landlord cannot just increase the rent at the middle of the term for the rent. Hence, the landlord must wait for the current payment to finish running at the end of one year or the number of years the tenant has paid for, before increasing the rent in a fair, realistic and inline with prevailing market rates. There is also the exception where it can be increased in the middle if the landlord and the tenant agree.