5 Things to Avoid When it Comes to Rent Reviews
Rent reviews are a way for landlords to weed out those prospective renters who do not really intend on staying in their homes long-term. The review is usually conducted in the beginning of a rental agreement and after the renter has lived in the property for a specified period of time. During this review, a landlord will look to make any necessary repairs and upgrades, as well as making any changes which will increase the value of the property. In order to qualify for a rent review, there needs to be a substantial and verifiable change to the rental agreement. For example, if the tenant has moved out and you have not had chance to contact them, or if they have not paid rent on time, then there may be need for a rent review.
The landlord will also be interested in making sure that the tenant will not be a security risk. To check this, you will need to go through the tenant’s credit record with a fine tooth comb to get information on any collections or late payments. Additionally, you need to know whether or not they have ever lied on their application for rent (e.g. about being employed), their rental history or their reasons for moving in the first place.
When conducting a rent review, the landlord will consider many things, including: The amount of space available, the general condition of the property, proximity to public transportations, safety features and convenience of access to bus routes. If you find problems with any of these areas, you may be able to get your rent raised substantially. The key thing here is that you are persistent with your efforts. Landlords tend to be very conservative with their rent reviews, often prompting a tenant to pay a bit more than the fair market rental price. Therefore, it is important to submit detailed receipts and other supporting documentation to the landlord. If you want to know more about this you can click on the link phuket rentals monthly.
If the rent review pans out in your favour, it is possible that the home for rent will be granted a rent revision. The revision can either raise or lower the rent amount that has been agreed upon between you and the landlord. The new lease terms should reflect your improved living conditions. However, make sure you get all the relevant agreement documents with your original rental agreement. It is also wise to ensure that the new lease is visible and legible from the front and back.
Unfortunately, some tenants have been known to challenge the fairness of rent reviews. In such cases, the tenant might attempt to get hold of their landlord’s bank account to see if the amount of rent they are being asked to pay is indeed justified. This is why you will often find landlords handing out hefty amounts of money to late rent payers during rent reviews. The fact is that rent reviews can be highly subjective and the decision can be extremely unfair.
If you decide to go with a rent review, it is best not to try and argue too hard on your own. You should let the agent handle the rent discussions, as most agents are very understanding when it comes to home for rent negotiations. A good agent would also have an in-depth knowledge of the local market and will be able to get the best possible deal for you. Always remember to check your lease contract and get hold of any applicable amendments before signing anything.