I just put through a rent increase for a tenant who moved in June/07. He states that I cannot increase his rent untill he has been in the property of a year. I went on line and the landlord tenant advisory site and they say one increase a year but no mention of a move in date being an indicator of this. Can anyone clarify?
rent increase
- Thread starter Fireguy
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- Dec 5, 2007
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- 2,880
Hi,
Based on the Residential Tenancies Act it looks like the tenant is right.
If you look at section 119.1.b. it mentions the 12-month rule - "A landlord who is lawfully entitled to increase the rent charged to a tenant for a rental unit may do so only if at least 12 months have elapsed since the day the rental unit was first rented to that tenant (your case) if clause a does not apply".
Here is the complete act:
http://www.e-laws.gov.on.ca/html/statutes/...tes_06r17_e.htm
Good Luck,
Neil
Based on the Residential Tenancies Act it looks like the tenant is right.
If you look at section 119.1.b. it mentions the 12-month rule - "A landlord who is lawfully entitled to increase the rent charged to a tenant for a rental unit may do so only if at least 12 months have elapsed since the day the rental unit was first rented to that tenant (your case) if clause a does not apply".
Here is the complete act:
http://www.e-laws.gov.on.ca/html/statutes/...tes_06r17_e.htm
Good Luck,
Neil
L
lanedry77
Guest
Guest
Hi Fireguy,
Neil is exactly right, but just to add to his post, the rental increase cannot take effect until the one year mark, and you need to give three months notice for the increase, which means that your notice should go out to your tenant at (before) the nine month mark.
I hope that helps,
David.
Neil is exactly right, but just to add to his post, the rental increase cannot take effect until the one year mark, and you need to give three months notice for the increase, which means that your notice should go out to your tenant at (before) the nine month mark.
I hope that helps,
David.
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right .. once a year ONLY ..
the BIGGER question is: why do you do your own property manageement (if you don`t know the laws .. possibly also other issues like rent levels or marketing ..) ?
Do you also fix your own car or pull your own teeth or cut your own hair ?
Money in real estate is made by owning LOTS of assets .. so go find them and/or find the money partners to help you buy more .. that is where you should spend the bulk of your time .. not saving 5% on a $800/mont rent (or $40/month) !!!!!!!!!
the BIGGER question is: why do you do your own property manageement (if you don`t know the laws .. possibly also other issues like rent levels or marketing ..) ?
Do you also fix your own car or pull your own teeth or cut your own hair ?
Money in real estate is made by owning LOTS of assets .. so go find them and/or find the money partners to help you buy more .. that is where you should spend the bulk of your time .. not saving 5% on a $800/mont rent (or $40/month) !!!!!!!!!
- Joined
- Sep 18, 2007
- Messages
- 1,230
Thomas,
I`m hearing your advice loud and clear. I currently have 2 properties and manage them myself, one is a seniors condo and nothing really to do the other a student rental for which I will hire a manager once I need new tenants - next September. I am working on purchasing another condo but my dilemna is that my income has dropped substantially in my `paid` employment and I will be struggling to pay the closing costs since I am using my LOC to front those costs. I need the savings from doing my own PM and thats likely $75 per month. That said I don`t fix my own car-not good at it and don`t like it, cutting my own hair-well no. I would much prefer to have a qualified PM manage for me, other REIN members have indicated it is good to do it yourself initially. The one thing I enjoy most in this business is looking for and finding good properties.... I guess I answered my own question.
I always appreciate your posts!!
Ed R
I`m hearing your advice loud and clear. I currently have 2 properties and manage them myself, one is a seniors condo and nothing really to do the other a student rental for which I will hire a manager once I need new tenants - next September. I am working on purchasing another condo but my dilemna is that my income has dropped substantially in my `paid` employment and I will be struggling to pay the closing costs since I am using my LOC to front those costs. I need the savings from doing my own PM and thats likely $75 per month. That said I don`t fix my own car-not good at it and don`t like it, cutting my own hair-well no. I would much prefer to have a qualified PM manage for me, other REIN members have indicated it is good to do it yourself initially. The one thing I enjoy most in this business is looking for and finding good properties.... I guess I answered my own question.
I always appreciate your posts!!
Ed R