What to Expect During a Rent Review
A rent review is a time when the owner of the property can determine if the rent should be changed. This can be based on the value of the property or on other factors including the economy. In some cases, the property owner has upgraded the property or plans on upgrading the property. If you are facing a possible rent review, here are some key points to know to prepare yourself.
Dates
There are certain dates during which the rent review can occur. These dates usually occur toward the end of the rental agreement. The rental review can begin during these dates and will be completed in time for the new rental agreement to be drawn up. The rental review will also help the property owner determine how the rent changes will be made and carried out. This will deal with you as well as the property owner and housing benefit if you are currently receiving that benefit.
Upgrades
Your property owner may decide to make upgrades to the property. These upgrades can be due to housing standards or because of damages to the property. They may also upgrade the property based on improvements they want to make. All of these upgrades can affect the overall value of the property. For this reason, the rent review will need to take place. It will include the items that are upgraded or will be upgraded.
Property Laws
There may be new laws going into effect that will directly affect your rent charges. An example of this would be the bedroom tax. It directly effected the rent prices for many renters across the country. When this occurred, there were rent reviews that needed to be done in mass. When laws like this appear, you may see a rent review happen to the property you are currently in. In some cases, the property owner may have the rent review done and simply inform you after the fact. You will be shown the rent review and new applicable costs when you resign your new lease agreement. The agreement will also state why the rent review was done and what it is based on.
Remember, the details regarding rent reviews are usually within the lease for the property. Make sure you have something in writing that shows how much you are currently paying, what that includes and if any benefits are involved. This will help you in case there is an issue with the resulting conclusion of the rent review. Keep these tips in mind when looking for rent review services near you.
