Yes I am very reasonable and respectful. I am not trying to BS them by telling them I will sell if they did not sign a new lease and hope they don't call a bluff. Before I sent them a letter or talked to them I'd have my options made up. I am selling, they are staying with a rent increase or they leave because of the rental increase. It would not be a game.matdwyer wrote: ↑ Yeeeesh. OK you seem reasonable and respectful and not like someone trying to screw a tenant, so here's the best way to do this. What you are proposing will not work, nor will a straight increase now with the The Rental Fairness Act, 2017 (you could try, but when passed as the poster above mentions, they'll be able to roll back any increase after April 20th - that is IF the renter knows, and IF they take the time to pursue it).
Tell the renter that you're seeing the property values in the area rising and considering selling the unit, unless they'd like to sign a new lease. You can ask, or request, a higher than permitted rental increase, but they have every right to say no - the way you get this done is by making them think that the alternative is that you sell (legally, with 60 days notice now that they are month to month) they will be SOL anyway. Keep in mind this DOES make you SOL if you go to sell (you'll have to wait till the end of the lease).
Approach it like you're leaning towards selling, but you like them as tenants and want to keep them long term, so you're going to offer that option to them before listing the unit. Make sure it is clear that they can sign the new lease at the same price plus utilities (don't be a dick and hide this).
If they call your bluff, who cares, just don't list it and then just raise it the maximum allowed (1.5%/yr), or possibly (i'm not sure if this works) you could show the increase in hydro rates to the LTB as a justification for a higher increase (you won't get the utilities excluded that route).
I wouldn't try to play nice guy or be a dick and force them out. I'd give them the information and that's that. They do not need to know why I raised rent, if they don't like the price they can move.
I am giving them the info they need and nothing more nothing less. In business the more direct you are with people the more respect you will get. I hate people that try and sway your decision because they ultimately did not do their home work.