Toronto Landlords Can Raise the Rent By 1.8% in 2018 & Now Many Properties Formerly Exempt Are Under the Guideline
Successful Toronto landlords know the importance of owning safe and attractive properties to rent out. If you have safe and affordable properties you will be able to attract the good tenants out there.
And the good news is there are lots of really good tenants in Toronto in 2018. However, there are also lots of ‘pro tenants’ out there who know how to manipulate the unfair and biased rules against Ontario landlords.
How Important Is It To Rent to Good Tenants?
It’s really a key if you want to be a successful and profitable landlord. A good tenant will pay their rent on time without any confrontation. They will also treat their landlord (you) with dignity and respect. They will take care of the rental property and avoid damages beyond normal wear and tear.
By renting to good tenants there will be no needless arguments or disputes as both you and your good tenant have the same goal: to have a stress-free, non-confrontational business relationship.
What Can Happen If You Slip Up And Rent To a Bad Tenant?
Many new, inexperienced landlords will say “sure a bad tenant can be a pain but how bad can they really be? There are laws you know!”
For us old-time Toronto landlords this leaves us shocked and awed. Bad tenants can lead to more headaches and destruction than many newbie landlords can imagine and the law doesn’t truly protect us in Ontario.
Bad Tenants Aren’t So Bad, Right?
Let’s look at what happened to this Ottawa landlord recently. Just in case you are thinking “if I rent to a bad tenant it can’t be THAT bad, just a bit of a pain.” It this considered a bit of a pain?
The landlord trusted the City of Ottawa and the Salvation Army to introduce a good tenant to him and monitor the tenant weekly. And then this happened after tenant didn’t pay rent and finally vacated the property:
If you are the landlord and rent to this type of bad tenant get your gloves on and get ready to be smelling and cleaning a lot of sh**. But bad tenants are that bad, right. We guess so if you like scrubbing and cleaing.
Did you buy a nice new stainless steel fridge for your rental? Did you go for Samsung or LG? You wanted a nice upper grade model to make your tenant happy right?
A bad tenant might leave a few belongings around, right? They would never use your rental property as a garbage dump! That’s only right wing angry landlords who say that, right?
How about that new stove you put in your rental? Did you ever expect to have to wear a mask to come and clean it?
Ontario Rent Increase Guideline 2018
According to the Ontario Landlord Association landlords can only raise the rent by 1.8% in 2018. And with the Rental Fairness Act from April 2017 coming into play even if your property was built after 1991 you are still covered under rent control.
Toronto Landlords 2018
Toronto landlords you can only raise the rent by 1.8% in 2018. Does this cover your growing costs? And if you rent inclusive of power you cannot raise the rent above the guideline.
