fair rent

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Rent fixed by a rent officer or rent assessment committee for the holder of a protected or statutory tenancy. The rent is registered in relation to the property. When fixing the rent, no account is taken of the scarcity of rented property and therefore the rent is often lower than a market rent. The rent of assured tenancies is fixed by agreement between the landlord and tenant. The tenant can apply to a rent assessment committee to determine the rent if the landlord wishes to increase it. The committee must fix the rent at the amount the landlord could obtain on the open market. There is no registration of rent for assured tenancies, but the rents determined by rent assessment committees are recorded and this information is available to the public.

Subjects: Law.

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