Hello All,
I tried to look up rent control questions on the search bar but got about 10 pages of posts so I figured I'd just start a new one!
How does rent control work over a couple years of owning a property? Lets say I started out renting for $800 a month and the Gov of Ontario decided rent could be raised lets say 0.5% 2% and 1.5%. Do I HAVE to reaise the rent every year If I want to take advantage of the rate change? Or is it possible to hold the rent at $800 for 2-3 years and than raise it the combined 0.5 and 2% all at once? Lets be honest its a waste of the tennants time and patience raising their rent $4 in a year. Of course these arn't real numbers but you get the idea!!
You know the other thing about this rent control is what if I had a tennant paying so much and then I received a property assessment and the municipality jacks the taxes on me? Is there a way to fight this? Should I also be including such things in my dillegence calculations?
All input is appreciated as always.
Mike
I tried to look up rent control questions on the search bar but got about 10 pages of posts so I figured I'd just start a new one!
How does rent control work over a couple years of owning a property? Lets say I started out renting for $800 a month and the Gov of Ontario decided rent could be raised lets say 0.5% 2% and 1.5%. Do I HAVE to reaise the rent every year If I want to take advantage of the rate change? Or is it possible to hold the rent at $800 for 2-3 years and than raise it the combined 0.5 and 2% all at once? Lets be honest its a waste of the tennants time and patience raising their rent $4 in a year. Of course these arn't real numbers but you get the idea!!
You know the other thing about this rent control is what if I had a tennant paying so much and then I received a property assessment and the municipality jacks the taxes on me? Is there a way to fight this? Should I also be including such things in my dillegence calculations?
All input is appreciated as always.
Mike