Clean look in the Notice of Rent Increase

Aug 6th, 2022
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How to clean look in the Notice of Rent Increase

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i tried to raise the rent on a tenant it was only about three percent and the reason that i gave them in the letter for increasing the rent well just through an inflation the prices of everything just kind of go up over time so of course its just going to keep going up they left and that was a really nice couple as a real estate investor raising the rent benefits you even more than you thought were going to talk about how you do that without losing the tenant hi im keith weinhold this is get rich education we talk about raising the rent imagine that you have a property with a one thousand dollar monthly rent income the mortgage and all the other expenses are say eight hundred dollars so youre left with two hundred dollars of monthly cash flow well if you can get the rent increased from one thousand dollars up to eleven hundred dollars even say over a couple years understand that your cash flow the money that you feel in your pocket every month just increased from 200 up to 300 well

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The tenancy agreement must be clear about whats included in the rent. It can also limit the number of occupants in the unit or indicate how much additional rent is required if more people move in these terms must be reasonable.
If your tenant is late paying by even one day, or the rent is short by any amount of money, the landlord has the right to serve them with a 10 day eviction notice for non-payment of rent. Tenants have 5 days to dispute their eviction and apply for dispute resolution after receiving a 10 day notice.
The rent increase guideline for 2024 in Ontario is 2.5%. This is the maximum amount you can increase most tenants rent during a year without approval from the Landlord and Tenant Board.
A landlord must give a tenant at least 3 whole months notice, in writing, of a rent increase. For example, if the rent is due on the first day of the month and the tenant is given notice any time in January, even January 1st, there must be 3 whole months before the rent increase begins.
If the tenant wants to move out when the fixed term ends, the tenant must serve written notice to end the tenancy so its received: At least one month before the effective date of the notice. Before the day rent is due.
You must give the tenant the Notice of Rent Increase at least 90 days before the date you will increase the tenants rent.
Ontario is a rent-controlled province for the most part, with a few exceptions. This means that a landlord can only increase your rent by a limited amount each year. Newer buildings are not rent controlled and landlords do not need to follow the same guidelines.
What a rent increase notice should include The date of the notice. Name and address of the property manager or landlord. Name and address of the tenant. Last day of the current lease. Amount of the increase. Date the increase goes into effect. Timeframe for tenant to accept increase or reject lease renewal.

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