We're renting out a house that happens to be in the rent pressure zone and I'm wondering about the 4% restriction on rent increase.
We've only increased the rent once since we started renting out the house and it's fallen way below the market value.
I am not looking to fleece the tenants, but a 10% increase in rent would still leave it 31% below the market value, which I would consider fair to the tenants, but I'm not sure if I understand the RPZ rules correctly.
Am I only allowed to increase the rent by 4% every 12 months, even if the current rent is 62% of the market value?
We've only increased the rent once since we started renting out the house and it's fallen way below the market value.
I am not looking to fleece the tenants, but a 10% increase in rent would still leave it 31% below the market value, which I would consider fair to the tenants, but I'm not sure if I understand the RPZ rules correctly.
Am I only allowed to increase the rent by 4% every 12 months, even if the current rent is 62% of the market value?