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Rent Increase Kingston: How Much Can Landlords Raise the Rent in 2014?

January 7th, 2014 · No Comments · Kingston Landlords, Rent Increase 2014

 Kingston Landlords rent increase 2014

There’s A Lot On the Minds Of Kingston Landlords Are We Start The New Year

Happy New Year to all landlords and property investors in our city.

2013 was an important year for our industry and the new year looks to have the chance to be even more important.

The City Of Kingston Wants You To Become a Landlord

As we wrote last year, the city government is now encouraging homeowners to become landlords.

More basement and in-law suites creates more rental units and more affordable housing.

The Ontario government forced all municipalities in the province to come up with paths for people to become landlords and rent out legal second suites.

In 2013 Kingston followed this mandate and began creating ways for people to become landlords.

They could follow new city rules to register their rental units in a process that was far less complicated than what existed before.

Questions from Landlords

With the increase in landlords we’ve received a bunch of emails over the past while on a variety of topics.

One of the more popular topics was about rent.

Here’s one from Marie who has rented out her basement since last summer.

“Hi. We are new landlords with a 2 bedroom basement apartment.

We found tenants quick but now realize we charged them too low because they use so much hydro.

We would like to raise the rent and want to know how much we legally can.”

Rent Increase Guideline 2014

Landlords must follow the Ontario government Rent Increase Guideline.

A recent article in the Ottawa Sun surprised a lot of new landlords and investors.

You can only raise the rent 0.8% on your tenants in 2014.

Yes, that’s really the number. You aren’t seeing things.

The low increase has a lot of Ontario landlords concerned about their ability to keep up with rising expenses in the new year.

Whether you own locally or are a landlord in Ottawa or as far away as Barrie or anywhere else in the province, 0.8% is very low and many landlords are not happy and want things to change.

Kingston Landlords 2014

The low rent increase is only one of the challenges Kingston landlords face in 2014.

In the coming months we will discuss this and other topics that we hope can keep you informed and help you and your rental business.

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