Real Estate

Rent increase at 50%

  • Last Updated:
  • Oct 16th, 2017 11:41 am
Tags:
Deal Fanatic
User avatar
Mar 23, 2008
6698 posts
3710 upvotes
Edmonton
blitzforce wrote:
Oct 12th, 2017 5:58 pm
"If the OP's landlord hadn't been neglectful for the past 5 years and then greedy this year" You are also making the assumption that the landlord never increased rent because he/she forgot. Let's be honest here, 4 years of no rent increase...this can only mean that the landlord is a dumbass, not because "Hey your financial situation wasn't that good before, that's why I did not increase rent. I've recently heard that you've been promoted with a big salary increase. I think it's time I start charging a regular price".
You have a very active imagination... Who da f*** talks about all those kind of details with their landlord? I saw mine once or twice a year, and I can promise you I never gave him any financial information after my lease was signed. And we have a good relationship.

I'm not saying the landlord forgot. I'm saying they neglected to increase the rent for 5 years. Whether it's because they thought they were being nice, or they forgot, or it was too much hassle, or their religion only allows rent increases in years ending with a 7... Who knows. Not me. Not you.

C
Deal Fanatic
User avatar
Mar 23, 2008
6698 posts
3710 upvotes
Edmonton
LongLiveRFD wrote:
Oct 12th, 2017 6:01 pm
What negligence you are speaking of?

Rent didn't just climb a stead trend line, it jumped. And it jumped after the April rule change. Jump means discontinuity and huge gaps between rental price values. Gaps in stock market means new information released into market beyond what market could digest given time. What was the information? the April rule change.

The landlord provided below-market rent for 6mo to OP, no one will thank him or her.

Question should be, whether given another yr the market can discover more supply thus the rent will come back down.

If previous market actions were any guide, the $500 could be just a signal of what's to come. Let's see if more interventionist "rule changes" coming.
So there was no inflation from 2012 to 2017? No increases to condo fees, property taxes, utilities, etc.

That's news to me...

C
Member
Mar 25, 2017
254 posts
136 upvotes
thechampion116 wrote:
Oct 12th, 2017 4:29 pm
Thanks for the help everyone.

I will be contacting the Landlord and Tenant Board to just verify all the information presented to me. I will see what they say cause I will have to notify the landlord that I can't agree to this price and how to move forward. Whether I say I am willing to pay the 1.8% increase and if they disagree, they can get a hearing with the board and we will meet then. I will see if I can get legal advice as well.
Come on, be reasonable, be a human. You got a way with paying cheaper rent for all this long, now the tenant realizes and asks you to pay the market value so you take him to the board ? How about you talk to him ask him if he can accept $250 increase starting next month and $500 increase after 6 months ? Tell him that you will be looking for another place in mean time and that if you find a place, you'll move out. Just be genuine.

Some of these advises are terrible and these keyboard warriors and if they were in your situation they wouldn't listen to their own advice.
Deal Addict
Nov 22, 2009
2417 posts
440 upvotes
Toronto
CNeufeld wrote:
Oct 12th, 2017 6:06 pm
You have a very active imagination... Who da f*** talks about all those kind of details with their landlord? I saw mine once or twice a year, and I can promise you I never gave him any financial information after my lease was signed. And we have a good relationship.

I'm not saying the landlord forgot. I'm saying they neglected to increase the rent for 5 years. Whether it's because they thought they were being nice, or they forgot, or it was too much hassle, or their religion only allows rent increases in years ending with a 7... Who knows. Not me. Not you.

C
I've rented before and I asked my landlord to give me a break before the next increase. Me and my landlord had always maintained a good relationship and my landlord was willing to not increase rent and switch to a new tenant. This was before all these tenant protection plans.
Deal Fanatic
User avatar
Mar 23, 2008
6698 posts
3710 upvotes
Edmonton
blitzforce wrote:
Oct 12th, 2017 6:12 pm
I've rented before and I asked my landlord to give me a break before the next increase. Me and my landlord had always maintained a good relationship and my landlord was willing to not increase rent and switch to a new tenant. This was before all these tenant protection plans.
So how do the new "tenant protection plans" suggest that someone should suddenly agree to a 50% increase just because the landlord asks for it? Your landlord was willing to cut you some slack, but you think the OP's landlord should be able to gouge and screw to his heart's content just because some new laws (that actually protect the tenant) came into effect 6 months ago?

C
Deal Addict
Nov 22, 2009
2417 posts
440 upvotes
Toronto
CNeufeld wrote:
Oct 12th, 2017 6:18 pm
So how do the new "tenant protection plans" suggest that someone should suddenly agree to a 50% increase just because the landlord asks for it? Your landlord was willing to cut you some slack, but you think the OP's landlord should be able to gouge and screw to his heart's content just because some new laws (that actually protect the tenant) came into effect 6 months ago?
C
50% increase to bring price to market value...not 50% increase from market value. That's why someone said to negotiate. Your response is 2% and no more. Scrw you landlord.
Deal Expert
User avatar
Nov 15, 2004
15215 posts
1904 upvotes
Toronto
blitzforce wrote:
Oct 12th, 2017 5:44 pm
The landlord can take a $1000 hit per month for a year, and re-rent it out for $1600-1800 later. You have to realize the landlord is renting the unit out at a HUGELY discounted value. If you are the landlord, do you want to continue renting the unit out 50% under market value for 10 more years?
So if he can do it so easily then why doesn't he just do it? Why didn't he do it before?
Could HAVE, not could OF. What does 'could of' even mean?
Deal Addict
Nov 22, 2009
2417 posts
440 upvotes
Toronto
Piro21 wrote:
Oct 12th, 2017 6:31 pm
So if he can do it so easily then why doesn't he just do it? Why didn't he do it before?
Might want to at least negotiate which is a win-win instead of the 2% increase, nothing more as suggested by you which will do no good for neither the landlord or the tenant.
Last edited by blitzforce on Oct 12th, 2017 6:34 pm, edited 1 time in total.
Deal Fanatic
User avatar
Mar 23, 2008
6698 posts
3710 upvotes
Edmonton
blitzforce wrote:
Oct 12th, 2017 6:20 pm
50% increase to bring price to market value...not 50% increase from market value. That's why someone said to negotiate. Your response is 2% and no more. Scrw you landlord.
Feel free to quote the posting where my response was "2% and no more"... Go ahead. I'll wait...

I said that if the OP doesn't like the increase, it's his right to request a hearing and have the landlord justify his increase.

And you're still presuming you know the market value is of the OP's rental, based simply on his city and "1 bedroom apartment"...

C
Deal Addict
Nov 22, 2009
2417 posts
440 upvotes
Toronto
CNeufeld wrote:
Oct 12th, 2017 6:34 pm
Feel free to quote the posting where my response was "2% and no more"... Go ahead. I'll wait...

I said that if the OP doesn't like the increase, it's his right to request a hearing and have the landlord justify his increase.

And you're still presuming you know the market value is of the OP's rental, based simply on his city and "1 bedroom apartment"...

C
OP already said it's in Scarborough. I live in Scarborough and I have not heard of $1000 rent in a long time.
Penalty Box
User avatar
Jan 6, 2011
4341 posts
744 upvotes
GTA
blitzforce wrote:
Oct 12th, 2017 6:37 pm
OP already said it's in Scarborough. I live in Scarborough and I have not heard of $1000 rent in a long time.
I spoke to a property manager in the Kennedy/Sheppard area, basically he gets walk-in daily begging to be put on notification list for vacancy. That was hard to imagine, until same thing happened to my area and bldg.

The supply has been tight for a while but price only confirm the supply is really lacking months after.

Even for purchasing in 2014, if you don't add to ask price you won't get anything. So the supply is really locked down and govt forced the market to reveal the bottomline. Of course landlords would pick that up and reflect same info in pricing.

If 50% jump is so bad, why do people transact on it?
Penalty Box
User avatar
Jan 6, 2011
4341 posts
744 upvotes
GTA
CNeufeld wrote:
Oct 12th, 2017 6:10 pm
So there was no inflation from 2012 to 2017? No increases to condo fees, property taxes, utilities, etc.

That's news to me...

C
Everyone is free to participate in and/or withdraw from rental markets. Why don't you take that to your nearest rental bldg?

People transacted on the new price, are they stupid?
Deal Fanatic
User avatar
Mar 23, 2008
6698 posts
3710 upvotes
Edmonton
Do a Kijiji search for 3950 Lawrence Avenue, Scarborough. $1150 for one bedroom plus den...

C
Deal Fanatic
User avatar
Mar 23, 2008
6698 posts
3710 upvotes
Edmonton
LongLiveRFD wrote:
Oct 12th, 2017 7:17 pm
Lol, why don't you arb it? source tenants willing to pay $1600 then long it for $1150, ear spread of $450.

Oh and make sure they don't google the address.
https://rentitornot.com/apartment/10969 ... to-Ontario
No way I’d be a landlord in Ontario. That’s for crazy people.

And I never said it was a nice place. Just pointing out that there are rentals around the $1000 mark in Scarborough, so it’s an assumption that the market value is between $1500 and $2000 as some people seem to take as a truth. I’m not claiming the OP’s place has a market value of $1000, either. I’m just saying we don’t know.

C

Top