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Ontario recently announced rate increase of 2.5% for 2023. This is one of the biggest increases we have seen in decades. The rate increase for 2022 was 1.2%. In the last two years you have the potential to increase your rents by 3.7%.
As interest rates are increasing, it is only going to get expensive to hold rental properties. As a small landlords it is important to increase the rent when you get a chance, here are some reasons why you should consider raising the rent.
Whether you plan to increase the rent or not, you need to understand leases and your rights to increase the rent. Each province has different rules when it comes to notifying your tenant of the rent increase. Make sure to follow the guidelines and provide enough notice to your tenants.
If you are looking for a solution to notify you of such lease renewals and automatically collect rents. Come join hundreds of other Ontario landlords who use Tenantcube. Signup today.
This article offers general information only, is current as of the date of publication, and is not intended as legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. While the information presented is believed to be factual and current, its accuracy is not guaranteed and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the author(s) as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Tenantcube Inc. or its affiliates.
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