The good news is that the new rent is 12.8% higher than the old rent.
The bad news is that I am not actually any better off because:
- there will be a five week vacancy between tenancies
- I have to pay the agent
- I have to pay the stamp duty
- I have to pay for the flat to be repainted, for the airconditioning units to be cleaned and some other minor touch up work
I would have been better off keeping the existing tenant at the old rental (which was not an option).
Still, it could be worse - I could have had an extended vacancy or a smaller rent increase.