Are you increasing your rent in 2011? (Ontario)

[finbar123]

any suggestions how to tackle it ?


QUOTE (JoeRagona @ Sep 6 2010, 11:43 AM) Thanks for the clarification Adam, I thought I was missing something.

So to speak to the poster about not increasing with <1% increase allowance, if this continued (at least for me) into 2012, I would increase the second year (after skipping 2011)

 

[Pheenix]

QUOTE (housingrental @ Sep 7 2010, 01:51 PM) . . . single family homes generally have tenants changing over every few years . . . in more purpose built rental apartment stock - a much higher likelihood of long term tenants that stay on 5+ years - and the benefits of increasing rent yearly really start to show.
Great observation and clarification Adam.
In regard to the purpose built there is a restricted number of exit strategies so maximizing net income becomes the major determinant of value, for both financing and sale (assuming reasonable and responsible up keep).

QUOTE (ontariolandlord @ Sep 7 2010, 10:39 PM) . . . If a tenants become concerned about an extra $10-30/month it is a good and helpful `flag` (not red, just a flag) that they may be thinking of leaving upon the end of their lease term.
. . . or will slip over to the dark side!

 

[invst4profit]

I automatically increase my rents the allowable amount every year (with notification) due to the fact that all my tenants are generally long term.

Increased cost of anything usually results in some grumbling, it`s human nature, but that is obviously not a deciding factor in determining whether to increase rates or not. Costs are escalating beyond the allowable increase every year and as a result I can not miss any opportunity to increase rents. The fact is most tenants are aware of the annual amount when it is announced each year and generally expect the increase to be applied to there rents annually.

I expect (hope) the increase for 2012 will be considerable higher.