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Rent Increases 2024

Rent Increases 2024
February 5, 2024

The Scottish Government has confirmed the rent increase procedure which will apply when the rent cap legislation ends on 31 March 2024. Please see below information provided by Scottish Association of Landlords regarding rent increases.
“For rent increase notices issued from 1 April 2024 onwards, the landlord can propose an increase of any amount. If the tenant wishes to challenge the increase they can refer it to the rent officer who must apply a tapering formula to the increase.

If the increase proposed by the landlord is higher than that allowed through the tapering formula then the rent officer will set the rent at the lower level. The tapering formula will only apply if the tenant challenges the increase. If they don’t then the amount proposed by the landlord will take effect from the end of the notice period.
 
Any rent increase notices issued on or before 31 March 2024 are still capped at 3%.
 
To work out the market rent, look at what rents comparable properties are being marketed at, or seek advice on rental value from a local letting agent.
 
As with the rent cap legislation, the above procedure does not apply to assured and short assured tenancies which contain a rent increase clause in the tenancy agreement. The rent for these types of tenancies can be increased in line with whatever increase is permitted in the rent increase clause.

The above procedures only apply to mid-tenancy increases.  There is no restriction on how much landlords can increase rents by between tenancies.”

We are buying a house through Euan at The Property Store East Kilbride and he has been great. Knew all about the property with questions we had, helped us envision ourselves there and was always available on the phone with questions we had. Great estate agent and would definitely recommend him and The Property Store   Elizabeth Allum

Property store have been so helpful in helping me find my letting property. It’s my first flat that I am letting on my own and they have been so good with all the information I have asked for. No question was a bother. Staff are lovely. Highly recommend! Rachel and grace you have both been stars with my endless amount of questions!!! A credit to the company.

  • - Taylor - Tenant

Sold my house last year through The Property Store - they were absolutely fantastic. Euan was excellent and went above and beyond with his customer care. Nothing was a bother for him. Would highly recommend them.

  • - Lyndsay

"Can you pass thanks on to the landlord. I've enjoyed living in the house it's just unfortunate my hip condition has deteriorated and caused me to move. I hope the new tenants enjoy their new home. Thank you to property store for all the help and support. A very professional team. I would highly recommend you to others."

  • Helen
  • - Tenant

Good customer service, always happy to help, Andrew is fab! can't complain

  • - Danielle - Tenant

"The Property Store was fantastic in finding me a property. They really took such a personal approach to finding me a suitable flat and take great care to ensure its the right fit. The staff are very friendly and will do everything they can to help in anyway they can. I would definitely recommend them to anyone looking for a property."

  • Debbie Fraser

"For some time I had been looking at further property development opportunities on a buy to let basis. As a landlord I had already been working successfully with the Property Store for a number of years and I took the opportunity to discuss this with them. Living remote from East Kilbride and having talked through my requirements it was clear that the most suitable option was for the Property Store to source, develop and let on a fully managed basis.

I have been very impressed with the speed that things have moved particularly how quickly the properties are upgraded and prepared for letting to the point where we have had tenants in advance of completion of works. As a result I have now added three properties in a matter of a few months.

As a remote landlord it is essential that you build confidence in the agents you are dealing with and the team at the Property Store have been excellent to deal with. They are a well-trained motivated team who know what they are doing.

The Property Store utilises the services of a number of key contractors with whom they have has a business relationship for many years. The contractors know the exacting requirements of owner Lorraine Robb and can be trusted to provide competitive quotes as well as completing works to a high standard. The Property Store fully inspect all works and provide regular feedback and are quick to take care of those small details that make all the difference.

I have no hesitation in recommending the Property Store to anyone considering a fully managed service from sourcing to redevelopment to letting."

  • Landlord and Investor

Excellent customer service from Gillian at The Property Store.
Reported a repair and the contractor was at my property within an hour.
Delighted with the service from both.

  • - Julie

"All of the staff are great, very professional, helpful and welcoming.
Made our journey very easy and stress free, would highly recommend them!!!
From viewing the property to handover of our keys everything was smooth, no issues and now have a very happy household
Thank you all for your help."

  • - Allyson

"Having previously rented accommodation with other letting agents in the area, The Property Store are miles ahead of the rest. Lovely maintained properties and professional and courteous staff. Highly recommend!"

  • Letting agents
  • - Claire Moran