Rent Erh�hung: Raising the Rent in Ontario - A Guide for Landlords (Without Turning Tenants into Ex-Tenants)
So, you're a landlord in Ontario, and your bank account is starting to sing the blues. You glance longingly at that yacht you saw online (because, hey, a landlord can dream!), but then reality hits - rent increase time! But before you channel your inner drill sergeant and bark out a new rent price, there are a few hoops you gotta jump through.
Knowing the Rules (and Avoiding Tenant Uprisings)
In Ontario, rent increases are like fine wine - they gotta follow a specific vintage (or guideline, to be less fancy). For 2024, the magic number is 2.5%. That's the maximum you can raise the rent for your existing tenant without needing approval from the Landlord and Tenant Board (LTB - basically the rent referees).
Here's the Catch (There's Always a Catch)
QuickTip: Skim the ending to preview key takeaways.
But wait! There's more! Like a stubborn stain on your best carpet, there are a few things to consider before you unleash your inner rent-raiser.
The 90-Day Notice Clause: Think of it as a courtesy dance with your tenant. You gotta give them a heads-up 90 days in advance using a fancy form called an N1 Notice of Rent Increase (available from the LTB, because of course there's a form for everything).
The 12-Month Rule: Don't get too greedy! You can only raise the rent once every 12 months, measured from the last rent increase or the start of the tenancy.
Exemptions: When the Rules Don't Apply (Because Life Isn't Fair)
Now, before you start prepping that eviction notice for your tenant who keeps forgetting to water your prize-winning philodendron (revenge is a dish best not served cold, but slightly wilted), there are some situations where the increase guideline doesn't apply.
QuickTip: Scan quickly, then go deeper where needed.
- New digs, who dis? If your rental unit is a brand new build (occupied for the first time after November 15, 2018), you're not limited by the guideline.
- Care homes and fancy digs: This one's for retirement homes and commercial properties - you're free to set your own rent prices (just be prepared to explain it to your tenants over tea and cookies).
 |
| How Can A Landlord Raise Rent In Ontario |
FAQ: Rent Erh�hung Edition
 |
How to find the N1 Notice of Rent Increase form?
QuickTip: Pay close attention to transitions.
The Landlord and Tenant Board (LTB) is your friend: https://www.ontario.ca/page/residential-rent-increases
How to know if the guideline applies to my rental unit?
If it's not a new build, care home, or commercial property, then you're probably good to go with the guideline.
QuickTip: Stop and think when you learn something new.
How can I challenge a rent increase?
As a tenant, you have rights! If you think the increase is unfair, you can contact the LTB within 12 months of the hike.
How often can I raise the rent?
Only once every 12 months, my friend. Patience is a virtue, especially when it comes to keeping good tenants happy.
How do I become a millionaire landlord? (Okay, this one might be a trick question)
There's no guaranteed path to riches, but following the rules, keeping your tenants happy, and maybe avoiding that yacht purchase for now might be a good start.
 |
💡 This page may contain affiliate links — we may earn a small commission at no extra cost to you.
