Rental Fee Increases

thumb-img
0 Comments

Today, we will talk about Rental Fee Increases. As a simple definition, Rental Fee means the amount payable by the Tenant to the Landlord. Rent Increases is based on the agreement. For Example, the rental fee is different in Commercials from Residentials. Based on that, we will talk a little about each one:

Commercial Rent Increases:

Most commercial tenancy agreements outline in detail issues such as the amount of rent charged and frequency of rental fee increases. In addition, Commercial Tenancies Act does not regulate rent increases. Tenants, on the other hand, hardly welcome a rent increase because it will most likely ruin their bottom line or, worse, they may not be able to afford it. Legally speaking, there’s no limit on how much you can increase the rent by every year as a landlord.

Residential Rent Increases:

When you rent a unit for the first time, the landlord decides the amount of rent you will pay and what services (e.g., hydro, parking) are included. Sometimes you can negotiate with the landlord what bills will be included in the rent. Additionally, The landlord can increase the rent every 12 months. Also, the tenant must receive 90 days’ written notice before the increase. Increasing the rental fee is based on some guideline amount. For Example, In Ontario, the limit was 2.2% in 2020.

In Conclusion:

Generally, before you go ahead and increase that rent, it would be great to re-examine your copy of the lease. Take note of all clauses that guide a commercial rent increase in Ontario. For example, find out if you need to give notice of rent increases or you can simply raise it without any advance notice.

Please Reply if you need our help to lease a property. Also, we are working with many landlords who are looking for the tenant.

THE BEST CHOICE, BABAK MEHRABI

https://www.ontario.ca/page/residential-rent-increases

 

 

 

Categories:

Leave a Reply

Your email address will not be published.