Ontario Announces 2014 Rent Increase Guideline

by | Jul 1, 2013 | Rental Property Management Tips

Ontario’s Rent Increase Guideline for 2014 is set at 0.8 per cent.

The annual Guideline applies to most private residential rentals and represents the maximum rent increase allowed without requesting an increase before the Landlord and Tenant Board. The figure is calculated each year based on the tenant screeningConsumer Price Index, but due to recent legislation, can no longer exceed 2.5 per cent.

The guideline does not apply to:

Vacant residential units;
Residential units first occupied on or after Nov. 1, 1991;
Social housing units;
Nursing homes; or
Commercial property

Generally,  rent may be increased by an amount no greater than the Guideline if a tenant has remained in a property the past 12 months, or if at least 12 months have passed since the last rent increase.

Landlords opting to increase rent must provide written notice in approved form at least 90 days prior.

The 2014 guideline represents the second-lowest figure since the regulations came into effect. The 2011 increase of 0.7 per cent was the lowest. Last year’s increase was 2.5 per cent, following the 2012 increase of 3.1 per cent. The highest allowed increase was 6 per cent in 1992. The average yearly increase from 1993-2003 was 3.1 per cent, and from 2004-2012 the average increase was 2 per cent.

This post is provided by Tenant Verification Service, Inc., helping landlords reduce the risks of renting with fraud prevention tools that include Tenant Screening, Tenant Background Checks, (U.S. and Canada), as well as Criminal Background Checks, and Eviction Reports (U.S. only).

Click Here to Receive Landlord Credit Reports.

Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.

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