6% Rent Increase Above the Guidline

[frugal50]

So, I've been living in my apt for 25+ years in a nice location
the new landlords have done upgrades and are implenting a 6% increase, which includes the yearly rent increase
it comes to about $53.00 more each month
I love my apt and don't want to move
is it worth it to pay the extra 50.00?
or should I find a cheaper place?

[matrix82]

Are you able to pay the extra $50 a month increase, or will it be hard?
Are there cheaper apartments in the area?
25 years is a long time for a tenant to stay in an apartment, has there been any upgrades done to your apartment over your time there, such as new carpeting, painting etc?
If there hasn't been anything done to your apartment in the last 25 years outside of the regular repairs, I would probably look around for another apartment.
It's hard though if you really like a place, maybe it might be worth it though just to look around. You could talk to your landlord and see if they would be open to a lesser rental increase, as you have been a tenant in the building for a long time, and I am guessing you are planning on staying a tenant there, except for the rental increase. I would think long term tenants would be something that a landlord would want to try to keep.

I am really curious if the new landlord went by the proper procedure for the rental increase such as making an application to the landlord and tenant board, as 6% is a large increase.

http://www.ltb.gov.on.ca/stdprodcons...rod_088485.pdf

[i_forget]

If I remember correctly from when I was renting, they cannot just come in and raise your rent. There is a set guideline that they have to follow with regards to rent increases, and if they want to raise your rent over and above that they have to apply to get the increase. Do not move, make them follow the rules.

Here is the link for 2012: http://www.ltb.gov.on.ca/en/Key_Info...OD_089489.html

They can only raise it by 3.1%.....any more they have to apply for it.

Your rent is about $900 a month, and you live in Toronto? I would not move if that was what I was paying living in Toronto today, especially if you like where you live.
Look at what you have and try to find something similar in a similar area and see how much the difference is. Then figure in the cost of moving and the hassle.

[matrix82]

I_forget worded exactly what I was thinking (except I know nothing about Toronto rents).

[frugal50]

yes.... I can afford to pay the extra $50.00 without going broke
yes.... there have been many upgrades
yes...... they have applied with the Ontario rental board, so it's legal

if I moved, the next tenant would be paying $200.00 more of what I'm paying now, I live in a prime neighborhood in Toronto.... hydro and water all inclusive.

that said...... should i go or stay?

[secheltsaver]

There probably aren't many comparable units in that price range/location,so if it was me,I'd stay put.You've got the bonus of hydro/water included,and landlords who maintain/repair/upgrade their property as well as follow the law in regards to the increased rent.I presume they screen their tenants carefully as well,and your neighbors are not a problem. If you do move there's no guarantee your new landlords will do any of that.........

[i_forget]

I would be staying put as well. Prime location with hydro and water included, you like where you live. Moving is not cheap. You have to rent a truck and move everything, or even more expensive hire someone to do the moving for you....you risk getting into a place with bugs or bad neighbours. Just the fact that you know that they could get at least $200 a month more for the place if you were to move should show you what you may be losing out on by moving...

[Midnightly]

it sounds like you like the place and enjoy the place and you have low rent in general.. if your happy there i would stay.. but also look into your rights as a tenant (for example do they need to paint your suite every 5 years? )

[tjthemanto]

yes.... I can afford to pay the extra $50.00 without going broke
yes.... there have been many upgrades
yes...... they have applied with the Ontario rental board, so it's legal

if I moved, the next tenant would be paying $200.00 more of what I'm paying now, I live in a prime neighborhood in Toronto.... hydro and water all inclusive.

that said...... should i go or stay?

Stay ..only bcoz its Toronto . If it was some other smaller place I would ask you to move but not in Toronto.

The rental market in GTA is crazy right now. The vacancy rate is close to 1 % in Toronto. Its almost impossible to find affordable and good apartments in Toronto. The other apartment is most probably going to be more expensive than your current one.

Its going to be a long and tedious process to find another apartment in Toronto, with a lot of credit checks , references etc . Also don't forget the cost of moving.

[roseofblack25]

Stay ..only bcoz its Toronto . If it was some other smaller place I would ask you to move but not in Toronto.

The rental market in GTA is crazy right now. The vacancy rate is close to 1 % in Toronto. Its almost impossible to find affordable and good apartments in Toronto. The other apartment is most probably going to be more expensive than your current one.

Its going to be a long and tedious process to find another apartment in Toronto, with a lot of credit checks , references etc . Also don't forget the cost of moving.

You said all that I was going to. I'm currently trying to move to Toronto and have been searching for over a year! Most places rent within an hour of someone seeing the space. There isn't even time to look at other places before deciding because by the time you make the decision it's already gone. Plus the landlords are ridiculous with screening. I have so far run into landlords that required me to have two pieces of id, 3 past landlord references (which I don't have so I think most landlords move on to the next person after seeing I don't have references), credit check, criminal record check, bank references (some even ask for bank statements to show what you have saved! That to me feels invasive and pi$$es me off), and employment references.

Even with all of that I'm still having a hard time getting a place. So I would say STAY!!

[Natalka]

In general, it sounds like you should stay! However, only you can assess all the pros and cons - including something such as neighbourhood... That's the reason we are staying renting where we are, and have for over 16 years. A year and a half ago we had two rent increases, of $50, then $100 - all done by provincial guidelines. But there is no way we could get the space we have in the neighbourhood we are in - in the tight rental market here in our city, without paying almost double.

[aemi]

Stay or move away from Toronto.

[tjthemanto]

You said all that I was going to. I'm currently trying to move to Toronto and have been searching for over a year! Most places rent within an hour of someone seeing the space. There isn't even time to look at other places before deciding because by the time you make the decision it's already gone. Plus the landlords are ridiculous with screening. I have so far run into landlords that required me to have two pieces of id, 3 past landlord references (which I don't have so I think most landlords move on to the next person after seeing I don't have references), credit check, criminal record check, bank references (some even ask for bank statements to show what you have saved! That to me feels invasive and pi$$es me off), and employment references.

Even with all of that I'm still having a hard time getting a place. So I would say STAY!!

Yup ..they even ask for your SIN .

Legally they can't refuse you an apartment if you don't give your SIN , but if You don't give them your SIN then they will find some other excuse to not rent o you.

Nothing in the law prevents them from asking for your SIN So they ask for it anways , but just because they ask for it doesn't mean you have to give it to them.

The whole process is too invasive and a gold mine for identity theft ..they don't guard your personal info properly and it could fall into the wrong hands. They don't trust you to be a good tenant but they want you to trust them with all this private info ??

I can understand they want to protect themselves from bad tenants but that doesn't mean they should break the privacy laws and go overboard with the screening as our private and confidential info is just as important as their apartments.

I don't mind giving all this info to a landlord provided he is willing to give all his personal info to me. The number of slum landlords are just as Prevalent as the number of bad tenants.

[roseofblack25]

Yup ..they even ask for your SIN .

Legally they can't refuse you an apartment if you don't give your SIN , but if You don't give them your SIN then they will find some other excuse to not rent o you.

Nothing in the law prevents them from asking for your SIN So they ask for it anways , but just because they ask for it doesn't mean you have to give it to them.

The whole process is too invasive and a gold mine for identity theft ..they don't guard your personal info properly and it could fall into the wrong hands. They don't trust you to be a good tenant but they want you to trust them with all this private info ??

I can understand they want to protect themselves from bad tenants but that doesn't mean they should break the privacy laws and go overboard with the screening as our private and confidential info is just as important as their apartments.

I don't mind giving all this info to a landlord provided he is willing to give all his personal info to me. The number of slum landlords are just as Prevalent as the number of bad tenants.

Yeah I outright refuse to give them my bank numbers and SIN number. Even rental applications ask for your bank account number!! I leave the space blank, plus I was told at the bank under no circumstances should I give it out because that opens me up to having someone drain my account. I will never give out my SIN unless it's for a job, other then that they have absolutely no reason to need it and I won't give it out.

[ashedfc]

& what makes you think that your employer will not misuse your SIN number...