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London Landlords: 2014 Rent Increase

January 5th, 2014 · No Comments · London Landlords, Rent increase 2014

London landlords Rent Increase 2014

Landlords in London and the rest of Ontario can only raise rents on current renters by 0.8%

The report in the Toronto Sun stating Ontario landlords can only raise the rent by 0.8% in 2014 was a shock to lots of man.

After all, taxes and other expenses keep growing fast all over the province.

Even property management costs are increasing as landlords try to keep the current tenants to avoid having to find new ones.

In some cases London landlords even bought gifts for their tenants over the holidays.

What Is The Rent Increase Guideline?

The Rent Increase Guideline comes from the Ontario government each year.

The Ontario Landlords Association has a good post about how it works.

It’s the second lowest allowable rent increase since the 1970s.

How About Your Increase Expenses?

How much are rental property expenses going up?

Do you see your property taxes, water bills, electricity costs going up only 0.8% in 2014?

What about the price increases to maintain your unit.

1. Does your plumber guarantee you he or she won’t raise their costs over 1% in 2014?

2. Will the government promise the gas you have to buy to visit your rental will only be 0.8%?

3. Will the classifieds in the newspaper promise to only raise the rent a few cents this year?

Many Landlords Are Unhappy With the Rent Increase

If you are shocked and unhappy you aren’t alone.

Landlords from Ottawa and around Ontario aren’t happy.

Many simply believe this low increase won’t allow us to recoup our costs to be ‘good landlords.’

By the way, you might be interested to know BC landlords get to raise the rent by 2.2% in 2014.

And landlords in Alberta can raise the rent however much they the market will bear as they don’t have ‘rent control’ there.

Challenges and Opportunities in 2014

The low rent increase is only another challenge London Landlords face this year.

In the coming weeks we will continue to provide more topics and news for landlords and hope you have a successful new year.

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