What are the causes of rent increment?

[hastral45]

Many factors could be taken as the main causes why many landlords increase their rents. Some landlords due to their habitual practice do increase their rents haphazardly without any course.
Some would based their reason on the increase in the cost of living in the country. They would cite the case of the cost of foodstuffs rising exorbitantly.
They would not forget to mention the cost building materials that is also following suit.
Majority retirees who happen to be landlords and relied dependently on rents would equally increase their rents in order to offset the effect of high cost of living.

 

[cherry123]

Well, I think for Nigeria I think it is about the high price of things im the market yesh like the cost of foodstuffs rising and other items
in the market

 

[Shavkat]

It depends on what the landlord and tenant agreed upon. The increments will be automatic if they agreed to do it annually. It needs to be in a black-and-white documents.

 

[Springtime]

I think that depends on the market demand. In my location, due to Covid, we are experiencing a downturn in economy. Many shops are vacant. Landlords reduce the rent to attract tenants.

 

[fcbetting]

Infaltion cause price of grocerys and other expenses. If you live from rent and cover part of expenses or all expenses, old rent is not enough anymore to cover so you must raise it.

 

[Niyi Briggs]

When the cost of living rises, he landlord necessarily has to increase the cost of rent. That's because the cost of maintenance of the property would also increase.

 

[fcbetting]

Tourist season can increase rent price to. Landlord will increase price during best months or rent it to tourist and earn even more. Short rent will attract guests and you will earn in week what you earn from long term tenant for a month.

 

[uptrendfinancialsignal]

The causes of rent increment as a result of the cost of building materials.

 

[hastral45]

When the cost of living rises, he landlord necessarily has to increase the cost of rent. That's because the cost of maintenance of the property would also increase.

Every landlords are alleging the cause of increasing the rents ad a result of increase in the price of building materials in the markets which necessitated the increase in the cost of maintenance. Yet many landlords do not carry maintenance exercise on their buildings. They subject their tenants to carry out repairs on any of their faulting apartments.

 

[eldavis]

There are various reasons for increase in rent. In most cases some house owners simply add to it for no reason, simply cause they need more money, while in other cases due to maintenance and high standards of living, the landlord have no choice but to increase the rent.

 

[Stardom22]

In my country most landlords increase their rents oftenly complaining on the increasingly of the higher cost of living in the country. Some of them would not give any reason for the rising up of the house rents.

 

[IB D]

I went to buy a key for my door the other day and found out that the price has gone up astronomically. That is the reason that landlords increase rent incessantly.

 

[astutimeliana723]

Many factors could be taken as the main causes why many landlords increase their rents. Some landlords due to their habitual practice do increase their rents haphazardly without any course.
Some would based their reason on the increase in the cost of living in the country. They would cite the case of the cost of foodstuffs rising exorbitantly.
They would not forget to mention the cost building materials that is also following suit.
Majority retirees who happen to be landlords and relied dependently on rents would equally increase their rents in order to offset the effect of high cost of living.

Yes, it's true, the high cost of living could be one of the reasons for rising rents. But a landlord should still be wise if he increases his rent. Because if he raises the price beyond the reasonable limits of the generally accepted price, then the tenants can abandon him, and he will lose his source of income.

 

[aovurevu]

There might also be cause for rent increment after new facilities have been provided in the rented apartment which would make the landlord or owner of the apartment cover for cost and also increase the value of the apartment..

 

[Abdul01]

Rent increase may be due to the fact of the location where the apartment is situated , as the location gets urbanized landlords see the need to increase the rent because there would be high demand for such apartment which makes price increase.

 

[cherry123]

My present experience rent increments came because of my location. w3 have moved a bit to the heart of town and the rent here is really high and it is increased yearly

 

[IB D]

When an apartment has been developed beyond its previous states, it has to come with a rent increment. My compound didn't use to have water but it now has and all the apartments had their rents increased.

 

[cherry123]

Yesh I agree with you, the more development beyond its previous states, the more money one will be charged because of the added advantage it has to come with a rent increment.

 

[eldavis]

In my country most landlords increase their rents oftenly complaining on the increasingly of the higher cost of living in the country. Some of them would not give any reason for the rising up of the house rents.

Yes this is the main reason why manu of them increase their rent. From time to time the standard of living keeps increasing, hence for them to be able to survive, they have no choice but to increase the house rent.

 

[cherry123]

Upgrade in property might also be cause for rent incremen. This is after new facilities have been provided in the rented apartment the landlord might need a recoup thought rent increments