Look at the increases that used to be allowed before 1994, some increases up to 6% and quite high for all the years in the early nineties and late eighties, the rules are much tighter nowadays to protect tenants from large rental increases
|YEAR||RENTAL INCREASE ALLOWED, as %|
As a Landlord or Tenant, you'll want to know how much your rental amount can increase
every year. The rental increase for 2015 is 1.6% ans the increase set for 2016 is 2%.
A quick look at the table above tells you that the rental increase allowable in Ontario varies between 0.7 and 6%. Typically, over the past 10 years the allowed increase averages out well under 2%.
So, if you're renting, you now know how much your rent can go up, and as a Landlord, always remember to apply the rent increases to your tenants. Many times I've seen Landlords who bag a great tenant and never apply the rental increase, which, in the long run can devalue your property.
If you want to buy or sell a property to rent it out, view our Income Properties for Sale.