At last, some positive news for landlords! From 1st April, the emergency rent cap ends, allowing landlords to justifiably increase rent until the new housing bill is put in place.
The rent cap, introduced in September 2022 in Scotland, was part of the emergency measures incorporated within the Cost of Living (Tenant Protection) (Scotland) Act by the Scottish government which saw landlords unable to increase rent by more than 3% in most cases.
Market conditions have improved in Aberdeen with open market rents increasing across all sizes of property, which is good news to landlords as whole – especially those who have faced the pressures of mortgage increases over the last 17 months.
For existing tenancies at Northwood, we have a procedure in place for all our clients, to ensure that our clients are achieving the maximum return for their portfolio updates and confidential one to one discussions will take place regarding rent increases throughout March.
Understanding the rent increase process
Whilst this is a welcome amendment, it’s essential to approach rent increases with careful consideration, ensuring that any rent increases are issued correctly and inline with the recommendations and timescales.
Again, all Northwood landlords will be contacted by our team for a personal briefing, to ensure full compliance.
If you’d like to speak to your property manager now, or if you’re not a Northwood client and want to know how these changes affect you, we welcome your call or email via the below.
Aberdeen: 01224 218450 | Inverurie: 01467 530591
Aberdeen: aberdeen@northwooduk.com | Inverurie: aberdeenshire@northwooduk.com
207-211 Rosemount Place, Aberdeen, AB25 2XS | 23 West High Street, Inverurie, AB51 3SA
