– how rent price is set
– what services it covers
– payment methods
– rent deposits
– rent receipts
Another aspect that tenants should be aware of is the fact that the cost of rent can change if certain circumstances permit.
Tenants should be aware of the following:
Rent can increase
A landlord can increase rent, but usually only after a tenant has been living in the residence for a period of 12 months. The landlord must first give written 90-day notice to the tenant. Rent increases can occur in the following situations:
– A yearly increase set by the Ontario Government. The Landlord and Tenant act must approve any increase beyond that unless agreed upon between both the landlord and tenant.
– Significant increase in municipal taxes, charges, or utilities has occurred.
– Major repairs or renovations have been done.
Rent can be reduced
There are certain situations where the landlord is required to decrease rent. This includes situations where utility costs have gone down significantly or municipal property tax is reduced by more than the prescribed percentage.
What’s important for you, the tenant, is to understand that tenants can apply for rent reductions.This usually occurs if municipal taxes or charges on the property decrease, when a landlord removes a service that was previously provided, or the conditions upon which a landlord increased rent do not meet the according guidelines that allow for an increase in price.
These aspects are all in agreement with the Landlord and Tenant Board’s guidelines and rules.
For more information, visit: http://www.ltb.gov.on.ca/