What is Rent Control? Rent control establishes the maximum increase in rent that a landlord can set for their tenants without the approval of the Landlord and Tenant Board.
When can Rent be increased? Landlords can increase rent for residential units after 12 months from (1) the last rent increase or (2) the date the tenancy begins. It is important to note that the Landlord must provide written notice of rent increases at least 90 days in advance.
Which properties are subject to Rent Control? Rent Control guidelines set by the Landlord and Tenant Board applies to (1) rented houses, apartments, basement apartments, and condos (2) care homes (3) mobile homes (4) land lease communities.
Which properties are NOT subject to Rent Control? Rent Control guidelines do not apply to (1) vacant residential units (2) community housing units (3) long-term care homes or (4) commercial properties.
Exceptions to Rent Control? In some cases, landlords may be able to apply to be exempt from the rent increase guidelines by filing an application with the Landlord and Tenant Board. Landlords may be granted an exemption if the properties are(1) new buildings (2) additions to existing buildings and (3) new basement apartments that are occupied for the first time after November 15, 2018.
Questions? With the current state of the real estate market, we understand that many Ontarians may be considering shifting to the rental market. Should you have any questions regarding your lease agreement, York National Realty Inc., welcomes you to book an initial consultation.
For all your Real Estate requirements, get in touch with York National Realty Inc.
Give us a call today at:
Phone: 905-503-1733
Email: [email protected]
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