2015 Rental Increase Allowance

The rate of allowable rent increases for 2015 will be 1.6 per cent.The guideline is the maximum amount  that most landlords can increase a tenant’s rent during the year without making an application to the Landlord and Tenant Board. It is based on the CPI, which is regarded as an objective, reliable measure of inflation, charting the change in the price all goods and services in the provincial economy.In most cases, the rent for a unit can be increased if at least 12 months have passed since thetenant first moved in, or since his or her last rent increase. The tenant must be given proper written notice of the rental increase at least 90 days before the rent increase takes effect. The 2015 guideline applies to rent increases between January 1 and December 31, 2015.


For example:
The guideline for 2015 is 1.6 per cent.

The rental increase is 1.6 per cent of $800 = $12.80.
Therefore, the new rent
on August 1, 2015 could be up to $812.80 ($800 + $12.80)

Please remember to give 90 days notice with the proper paperwork from the Ontario Landlord and Tenant Board.

If you have any questions Please feel Free to contact me.

David Giovanniello
519-777-0795
www.realadvisorlondon.com



David Giovanniello

David Giovanniello

Sales Representative
CENTURY 21 First Canadian Corp., Brokerage*
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