Correct record in the Notice of Rent Increase

Aug 6th, 2022
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How to correct record in the Notice of Rent Increase

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hello my fellow property manager friends mark cunningham from pm build where were all about helping you build grow and protect your property management company so i received an email this week from a friend of mine a property manager friend of mine jim at first rate property management how you doing jim and jim had a question comment as it relates to rental rate increases now were about to step into the rental renewal season if youre watching this video at the time that its coming out we are now in the early phases of 2022 and were faced with this idea of weve got to do rent increases on our tenants and as we all know rents have been going up this is what jims email said to me hey mark with the market being so hot im having trouble setting renewal rates and i was hoping you could give me your two cents i did watch a few of you based on our current hot markets and owners and us holding off on doing a lot of run increases when covet first hit we have units that are now three to f

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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.
You must give the tenant the Notice of Rent Increase at least 90 days before the date you will increase the tenants rent. machine in their home, send it by courier, or ▪ send it by mail. You cannot give the tenant this notice by posting it on the door of the tenants rental unit.
The Residential Tenancies Act, 2006 ( RTA ) says a landlord can apply to the LTB for a rent increase that is above the guideline ( AGI ) amount for any of the following reasons: The landlords costs for municipal taxes and charges have increased by an extraordinary amount.
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.
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.
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.
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.

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