Are You Undercharging for Your Rental Property?

With rising property costs and a competitive rental market, many landlords across the UK are asking the same question: Am I charging a fair market rent for my property? You might be surprised to learn that even long-standing landlords with good tenants are often undercharging—sometimes by hundreds of pounds per month.

Whether you're managing a single flat or an entire portfolio, keeping your rent in line with the market is essential—not only to protect your income but to ensure fairness across the rental sector.

Why You Might Be Undercharging:

There are a few common reasons landlords fall behind on rent increases:

• Long-term tenants: You value stability, so you’ve hesitated to review rent.
  
  
• Market drift: The local rental market has shifted, and your prices haven’t kept up.
  
  
• Lack of reliable data: It’s not always easy to access up-to-date, localised rental benchmarks.
  
  

But with inflation, interest rate changes, and shifting demand patterns, staying current with rental valuations is more important than ever.

Get a Free Market Rent Report

At Let Correct, we offer a free, no-obligation Market Rent Report that provides a detailed overview of what similar properties in your area are achieving. Our data is based on current listings, letting trends, and local demand—so you can make informed decisions with confidence.

➡️ [Get your free Market Rent Report here]

How to Increase Rent Fairly and Legally

If your property is undervalued, that doesn't mean you can or should raise the rent overnight. Here’s how to do it the right way:

1. Check Your Tenancy Type

Your approach depends on whether the tenancy is:

• Periodic (rolling) – You can typically increase rent once a year using a Section 13 notice.
  
  
• Fixed-term – Rent can only be increased if the tenancy agreement allows it, or once the term ends.
  
  

2. Provide Proper Notice

In most cases, you’ll need to give:

• At least one month’s notice for periodic tenancies.
  
  
• A longer notice period if stipulated by the contract.
  
  

3. Be Transparent and Fair

Communicate openly with your tenants. Provide reasoning (like market comparisons) and be willing to discuss. Keeping good tenants is valuable, so it's often worth negotiating a fair increase.

4. Stay Within Legal Limits

Ensure the increase isn’t excessive or it may be challenged at a tribunal. Any rise must reflect fair market value and comply with rent control policies (especially in devolved nations like Scotland, where different rules apply).

Final Thoughts

Being a landlord isn’t just about collecting rent—it’s about running a professional, compliant, and sustainable business. Charging a fair market rent not only protects your investment but helps maintain a balanced rental market overall.

If you haven’t reviewed your rent recently, now’s the time. Let Correct’s free Market Rent Report is a great starting point.

👉 [Click here to get your free rent report and see if you’re undercharging]