2012 Rent Increase Guideline Announced

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LandlordD
Posts: 766
Joined: July 5th, 2010, 11:54 pm

Re: 2012 Rent Increase Guideline Announced

#6 Unread post by LandlordD » July 29th, 2011, 1:51 pm

Is it just me, or does anyone else think the bureaucrats have spent the past month working with the politicians to write the release and this Friday date was set long ago!
Dave

thebobert
Posts: 54
Joined: May 30th, 2011, 10:06 am

Re: 2012 Rent Increase Guideline Announced

#7 Unread post by thebobert » July 29th, 2011, 3:46 pm

http://www.therecord.com/news/canada/ar ... nge-system

I don't what to say in response to this other than everyone on these forums were right.

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BigFoot
Posts: 1696
Joined: October 16th, 2009, 3:32 pm

Re: 2012 Rent Increase Guideline Announced

#8 Unread post by BigFoot » July 30th, 2011, 11:16 pm

shaer32 wrote:If you have a lease with your tenant, can you legally change the rates as long as you give proper notice?
You can increase the rent, by no more than the legally mandated maximum (2011: 0.7%; 2012: 3.1%) no earlier than every 12 months. It doesn't matter whether or not you have a written lease. It doesn't matter if you just bought the property -- an increase can happen every 12 months, regardless of whether the landlord has changed.

Skitter

Re: 2012 Rent Increase Guideline Announced

#9 Unread post by Skitter » July 31st, 2011, 3:34 pm

keep in mind that this 3.1% increase will NOT be enough for many landlords to afford to make repairs or maintain their rentals.

In fact for landlords in the GTA this increase wont even keep up with:

-former mayor miller's new gargbage fees
-the city of toronto's annual 10% water rate hike
-mcguinty's HST
-mcguinty's smart meter costs
-mcguinty's higher time of day hydro surcharges


also keep in mind that this 3.1% increase

-comes after the liberal's gift to tenants of a ridiculously low 0.7% rent increase (the smallest in ontario's history)
-in many cases will NOT be given to tenants due to high competition in the current rental housing market.

Greg

Re: 2012 Rent Increase Guideline Announced

#10 Unread post by Greg » July 31st, 2011, 6:48 pm

I feel sorry for landlords operating under the misconception that having a good long term tenant is a good thing.
I have about 10 of the best tenants a landlord could ask for, long term, and all about $100 a month below the going rate. I would not for a moment be sad to see them move.
I would gladly take a chance on the unknown knowing that I could raise all there rents a significant amount.

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