Regardless of if you are a seasoned landlord or new to the real estate investment game, it is important to clearly understand the annual rent increase guidelines. It is always important to be transparent and ethical when dealing with your tenants in order to avoid potential conflicts. To help you stay on top of the 2016 rent increase guidelines, read below for advice from the TurnKii blog.
“What You Need to Know:
- The rent increase in Ontario for 2016 is 2.0%
- Effective on the 12 month anniversary of tenancy between January to December 2016
- Landlord must provide notice of increase in writing (not email) at least 90 days in advance
- Many Condo Units are not covered under the Guideline – Residential units first occupied as a rental unit on/after November 1, 1991 are not subject the rent increase guideline
- A 2016 Ontario rent increase of 3.0% is possible if the landlord can prove to the landlord and tenant board that operating costs increased by at least that much
Want to know more? Check out the full blog post for more at TurnKii Explains the 2016 Rent Increase Guideline.”
Being a diligent landlord includes sending your tenant the correct forms at least 90 days in advance when adhering to rent increases. The Landlord and Tenant Board provides forms online for rent increases. Check out the N1 Notice of Rent Increase form for standard increases and the N10 Agreement to Increase Rent Above the Guideline for non-standard increases that will include capital work or service increases.