Ontario Landlords Can Raise The Rent By 1.5% in 2017
Experienced and successful landlords know the importance of owning safe, attractive, well-maintained rental properties. With great properties landlords can attract good tenants and are on your way to running a successful rental business.
Maintaining and improving properties can be costly. The prices of contractors, plumbers, electricians and building materials keep rising. Purchasing things to make your tenants happy can also add up. Improvements such as replacing windows and doors to help save heating costs, adding new outside lights to create a more secure environment, and buying the latest energy efficient appliances can be a challenge for small landlords on a tight budget.
How Much Can Landlords Raise the Rent in 2017?
According to the Ministry of Housing, the province of Ontario has set the 2017 rent increase guideline at 1.5%
What is the Rent Increase Guideline?
This is a question many new landlords ask us. The rent increase guideline is the maximum amount of money a landlord can raise a tenant’s rent. If you want to raise it more than the guideline you have to get approved by an adjudicator at the Landlord and Tenant Board.
How is the Rent Increase Guideline Calculated?
It is created with information contained in the Ontario Consumer Price Index.Most of the information is gathered by Statistics Canada which measures inflation.
What Was the Rent Increase Guideline for 2016?
In 2016 Ontario landlords could raise the rent by 2.0%
Are All Ontario Rental Properties Subject to the Rent Increase Guideline?
No, not all. For example you are not covered by it if your rental property is vacant, is social housing, was first occupied after November 1st, 1991 or is a commercial unit.
Ontario Landlords Can Raise the Rent by 1.5% in 2017
Are you going to raise the rent? Remember to follow the Landlord and Tenant Board rules if you are which includes using proper forms and giving proper notice.
Tags: Landlord and Tenant Board Ontario, Ministry of Housing, rent