How Much Can Hamilton Landlords Raise the Rent in 2014?
The past year was a dramatic one for residential property investors in our city.
It saw Hamilton landlords to come together to fight against a proposed bylaw that we knew would hurt both good landlords and good tenants.
Landlord licensing was defeated in Hamilton last September.
Or, better put, Hamilton landlords stopped a new “tax on tenants” that would only pay salaries to more city bureaucrats to do the job Bylaw officers are already paid to do.
Rent Increase Guideline 2014
Many landlords across the province were shocked at the report on the Ontario 2014 Rent Increase in the Toronto Sun last week.
According to the Toronto Sun Ontario landlords can only raise the rent by 0.8% in 2014.
This is the second lowest rent increase since 1975.
A member of the Ontario Landlords Association was interviewed and made it clear this low increase would hurt good landlords all over the province.
After all, while landlords can charge whatever they want when a tenant moves out, renters tend to stay for years renting from good, responsible landlords.
Rentals Built After 1991
It’s important for landlords to know if your rental property was build after 1991 you may be able to avoid the Ontario rent increase guideline.
Landlords around Ontario voiced a lot of concern regarding this low rent increase.
Whether it was a Barrie landlord worried about being able to pay for extra expenses or a London landlord simply thinking the low guideline simple wasn’t fair, we can safely say many landlords weren’t happy.
Are You Going To Raise the Rent in 2014?
The economy in Hamilton is growing and we are getting lots of new, qualified renters coming to live and work in our city.
Despite this some landlords say they won’t raise the rent on their current renters because they are happy with them and don’t want to do anything to get them to move.
On the other hand, other landlords make annual rent increases part of their regular property management system and let their tenants know it by putting it in the lease.
Happy New Year To Hamilton Landlords
2013 showed that when we stick together we can make positive change.
We look forward to providing you with news, advice and networking and look forward to a very successful and profitable year for all Hamilton Landlords.