How to Prepare for a Rent Review: A Surveyor’s Perspective
Rent reviews are a key moment in any commercial lease, determining the rent payable for the next period and often setting the tone for future negotiations. Whether you’re a landlord aiming to secure full market rent or a tenant looking to limit an uplift, careful preparation is essential.
At Olden Property, we carry out rent review valuations across the South East — from Tunbridge Wells to Brighton, Maidstone to Folkestone — providing independent, RICS-compliant advice to both landlords and occupiers.
1. Start by Reviewing the Lease
The lease is the foundation of every rent review. It sets out the review date, assumptions, disregards, and the review mechanism — typically open market rent, index-linked, or fixed uplift. Pay close attention to how improvements and repairs are treated. Under the Landlord and Tenant Act 1954, tenants’ improvements made during the lease are generally disregarded for valuation purposes, provided they weren’t required by the landlord.
2. Gather Comparable Evidence
Market evidence is at the heart of any rent review valuation. This involves analysing recent lettings of similar properties in comparable locations — adjusting for factors such as size, specification, and lease terms.
For example, a high-street retail unit with strong frontage may support a higher £/sq ft rate than a secondary parade location. Having clear, evidence-based comparables will strengthen your negotiation position.
3. Consider Market Conditions
Timing matters. Market rent levels can shift significantly depending on local demand, economic climate, and sector trends.
For instance, retail rents in towns such as Sevenoaks or Oxted have stabilised after post-pandemic adjustments, while industrial and trade counter properties in places like Maidstone or Dartford have seen steady rental growth driven by logistics demand.
4. Instruct an Independent Valuer
A qualified RICS surveyor can provide an impartial valuation, supported by comparable evidence and professional judgement. This not only clarifies what figure is reasonable, but also gives both parties a credible starting point for negotiation — or for expert determination if agreement cannot be reached.
5. Act Early and Keep Communication Open
Rent reviews often include strict time limits for serving notices or counter-notices. Starting early gives you time to assemble evidence, seek advice, and open discussions before deadlines pass.
A professional, cooperative tone typically leads to quicker and more cost-effective settlements.
Need Help with a Rent Review?
Olden Property provides independent rent review valuations for retail, office, and industrial premises throughout Kent, Sussex, Surrey, and South London. Whether you’re a landlord or tenant, we can help you understand the market rent and negotiate from a position of strength.