Q regarding raising rent (Ontario)

[MooseHead]

Hi guys, quick question regarding rental increase. Would it make more sense to raise rents for Nov 1/2012 at 3.1% with the 90 day notice or wait for Jan 2013 which would only be 2.5% I believe?



Cheers,



MH

 

[Thomas Beyer]

Assuming the market/property supports a rent increase, what is a higher figure: 3.1% or 2.5% ?

 

[housingrental]

Please reword your question and I will try to answer - unless Thomas has answered it which raises more questions

 

[MooseHead]

Would it make more sense to give notice this month so that I may rents by 3.1% in Nov? I didn't raise the rents for 2012 but after seeing rent increase for 2013 at 2.5% I figured I might as well raise them prior to 2013. I just wanted to make sure it was as simple as it seems and that I wasn't missing anything.



Cheers,



MH

 

[invst4profit]

You should give notice now to raise rents 3.1% for a Nov 1, increase and next July (2013) you should be giving notice to raise Nov 2013 rents by 2.5%.

You should be raising rents every year by the allowable amount unless of course you are investing in an area that has a declining cost of living. Doubtful that exists anywhere in North America. Raising tenants rents annually also avoids having to pay interest on their last month rent deposit when they move.



Tenants expect annual rent increases.