Barrie Landlords Can Raise the Rent By 0.8 Percent In 2014
It’s the new year and snow squalls and the cold weather aren’t the only things on the minds of Barrie landlords.
We are also thinking of our rental properties and how to make this new year successful for us.
Toronto Sun: Ontario Rent Increase Guideline
The column in the Toronto Sun was shocking to landlords all over Ontario.
It was shocking because it stated the Ontario Rent Increase Guideline for 2014 was only 0.8%
This means you can only raise the rent by this ridiculously low amount for your tenants.
As the Sun column explained this is the second lowest rate since rent control started in Ontario in the mid 1970s.
The lowest rate was 0.7% in 2011
Have the expenses you face as a residential property investor only gone up less than 1%?
Most landlords will say no.
We warned landlords last summer when reported how much Barrie landlords will be able to raise the rent.
We explained when the news first broke that if your renter is paying $1000 per month for rent you can only increase the by $8.00.
Yeah, $8. About the price gas to drive over to your rental property and serve them the paperwork required to legally raise the rent.
No one is happy about it (except tenants).
How To Increase the Rent
Remember there are rules you have to follow to raise the rent.
For example you can only give an increase if a year has gone by since (a) the last increase, and (b) since the tenants first moved in.
You also have to give your tenants written notice of the increase. It has to be at least ninety days before the rent increase start up date.
Happy New Year To Barrie Landlords
We will everyone the best in the New Year and will continue to write about the opportunities and challenges we face as residential rental property investors.