Rent Increase Above the Annual Guideline (3.1%)

[NorthYorkEd]

We were able to negotiate with our landlord during the recent rent increase for our condo. He wanted x-amount and we met halfway. There are some rents slightly higher in our area and some slightly lower, so no one is making out like a bandit. But a good tenant/landlord relationship has a value, even though you can't cash it at the bank.

If I had tenants such as my wife and myself, I'd even consider lowering the rent to keep them. Hopefully my landlord is reading this.

 

[W. K. Lis]

Many people rent without knowing what expenses or costs that the landlord pays.

There are mortgage costs, property taxes, building insurance (not contents), repairs, etc.

Sometimes utilities are paid by tenants. That includes telephone and internet. Water is usually included in the rent. Electricity is more and more becoming separated from rent.

In condos, the rent usually includes the condo maintenance fees (which covers water, security, repairs, building insurance, etc.). However, there is a problem with those fees. New condos usually have very low maintenance fees as an "incentive" to buy the units. The bad news is over the years or decades those maintenance fees can increase greatly, above inflation. New condos should have more realistic fees with a reserve fund to cover major repairs.

If the province implements a rent control for new buildings, they should include more realistic condo fees as well.

 

[Admiral Beez]

Many people rent without knowing what expenses or costs that the landlord pays.

Isn't that one of the top reasons people rent, i.e. they don't want nor care about the expense of property ownership?