Rent review

A rent review is a provision found in a lease where the rent of a property is reconsidered and adjusted at stated intervals. The rent review is usually framed based on current market rental levels. Depending upon the rent review, the occupier of a leased property may have to pay the new rent that is calculated according to present rental values.

Rent reviews are made on specified dates as mentioned in the lease or rental contract. In addition to stating the periodicity of the rent review, the lease or rental contract should outline the method and procedure to be employed when outlining the rent.

It is often the case that the occupier and owner of the property may not reach an amicable resolution through the rent review. In such cases, there is usually a provision for the involvement of a third party or independent expert to reach an agreement of the rent review.

Rent reviews are usually upward in nature

Rent reviews are generally created on an upward nature, increased periodically. In such rent reviews, landlords benefits from any growth in rentals that have taken place since the last rent reviews. So it usually follows suit that if the present rental market is high, then your rent will also likely increase.

However if the present rental market is static or has fallen, then your rent will often remain the same till the next rent review or till the end of your lease period.

Use the help of professional surveyors

If the rental market is on the high, then it is advisable to start negotiations as soon as possible. However if the rent market is dropping, it is advisable to wait for some time. By employing this strategy, you will be able to decide on the best market rates for your rent.

The length of a rent review depends on the stance of the two parties involved and how they negotiate the rent. Sometimes a rent review is completed within a month; however this can sometimes take a few years to negotiate.

Though it may seem possible and easy to conduct a rent review on your own, it is better to enlist the help of professional rent review surveyors to complete your rent review. If you require assistance with a rent review contact us today and let us get the best rent for you.