Rent Review
Rent Review
Staying on top of rents can be tough when you're managing a load of tenants (or focused on things other than your portfolio). COHO's Rent Review panel will help you track this. Reviews can be carried out not only against tenancies, but also properties and rooms themselves, allowing you to keep on top of what the market rent is for a place, even if the current contract doesn't allow increasing it.
Tenancies to review
This is going to be increasingly important with the Renters Right Bill. This looks at the tenancy currently in place, and tracks the rent reviews year by year (or sooner, if your agreement allows).
Here you can click 'view' to show further information.
Click 'Review Tenancy Rent' to set a rent review.
New Tenancy Target Rent: Enter the target rent amount.
Next Review: Enter a date for the review or use the calendar drop down menu.
Also review room target rent: Checkbox to also review the room target rent.
New Room Target Rent: Enter a new room target rent amount.
Update the rent listing amount for the room: Checkbox to update the room listing rental amount.
Current Room Minimum Viable Rent: Enter the current room minimum viable rent amount.
Checkbox: I understand that reviewing this rent will not automatically increase the tenancy rent, and that this will need to be carried out manually. See also Tenancy Summary & Information.
Click 'Save' or 'Cancel'.
Units to review
Even with a tenancy in place, the value of a property/room might go up higher than what you can increase it by. This will let you track the achievable rent, if a new tenancy was in place.
Here you can click 'view' to show further information.
Click 'Review Rent' to review the rent amount on the room/property.
New Target Rent: Enter the target rent amount on the room/property.
Update the rent listing amount of the room: Checkbox to update the room listing rental amount.
Current Minimum Viable Rent: Enter the minimum viable rent for the room/property.
Next Review: Enter a date for the next review or use the calendar menu.
Important: This will update the target rent, allowing you to track what you could be getting. If as a result you decide to change the rent for an existing tenancy, you must do that separately. See also Tenancy Summary & Information. Minimum viable rent is currently for information only within this Rent Review section.
Click 'Save' or 'Cancel'.
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