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Friday, January 1, 2010

Happy New Year! And Welcome To The 1% Rent Increase!

As you wake up and recover from your 2009 Goodbye celebration its time to get back to business...and the allowable annual rent increase announced by the Province of Manitoba of:


ONE PERCENT!!!

"But..." you sputter

"That's crazy!!! That doesn't even begin to cover the costs of utility increases last year, nevermind the increases in trade labour, building materials, property tax..."

Last year's increase was 2.5%, which by historical standards is fairly high (sigh... why do we own property in this province?)

From 1993 to 2000, the rent increase was also set at 1%. It went up slightly in 2004 and 2005 to 1.5%, 2.5% in 2006 and 2007 and dropped slighly to 2% in 2008.

What is the highest increase (as posted on the RTB website)? 9% in 1982!

Still: the average rent increase for the past 10 years is 1.8 percent. Doesn't really help an average landlord, and makes it difficult to operate a rental property in Manitoba.

Under the Residential Tenancies Act, tenants must be given proper written notice at least three months before the rent increase takes effect. A notice to increase rent must meet the requirements of The Residential Tenancies Act. The guideline applies to rented residential apartments, single rooms, houses and duplexes.

What else can you do? Contact us and we can further explain some different strategies increase your rent above these restrictive guidelines.

Got questions? Email us at owners@garamark.net
Garamark Property Management is located in Winnipeg, Manitoba and successfully balances protecting the investment of an owner and retaining happy tenants.

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