As the extension to the Cost of Living regulations in Scotland nears its end on 31st March 2024, tenants are advised to stay informed about potential changes in rent. The Scottish Government expects that landlords may proceed with proposed rent increases once the current cap expires.
To ease the transition and prevent tenants from facing sudden and significant rent hikes, Ministers will retain the ability to temporarily modify the adjudication process for rent increases referred by tenants. This temporary adjustment is expected to last a maximum of one year, subject to regular reviews to ensure its ongoing appropriateness.
The decision-making process during this period will consider factors such as open market rent, the new rent proposed by the landlord, and a maximum ‘reasonable’ increase for that tenancy, determined by a new taper calculation.
In light of these changes, it is crucial for tenants to be aware of their rights and engage in open communication with their landlords to understand any proposed changes in rent. As the situation evolves, individuals are encouraged to stay informed about the latest regulations and seek guidance from experienced professionals.
For further information and assistance, tenants and landlords alike can reach out to local experts who are well-versed in navigating the intricacies of the local property market.
For any questions or concerns regarding these changes and their potential impact, tenants and landlords alike are invited to reach out to J&G Wilson. With a dedicated team of experts, we are ready to provide clarification on the new regulations and offer assistance in navigating the evolving rental landscape.