Posts Tagged ‘Credit Checks’

Manitoba Landlords Rent Increase Guideline For 2016

Saturday, December 5th, 2015

Manitoba landlords rent increase 2016

Manitoba Landlords Can Raise the Rent 1.1% in 2016 (For Most Rental Properties)

Experienced and successful Manitoba landlords know the importance of renting out a safe and well maintained unit.  An attractive rental property will lead to more qualified tenants warting to rent from you and that will help during your professional tenant screening process.

This is why you need to make sure your rent is at a level which will allow you to afford maintenance and any repairs or improvements which may be needed. With increased costs professional Manitoba landlords have told us they need to raise rents in order to to keep up.

How Much Can Manitoba Landlords Raise the Rent in 2016?

With higher costs landlords and property investors want to know who much they can raise the rent. After all, taxes are higher, and utility bills, along with higher prices for plumbers, contractors and electricians landlords are also increasing. This means landlords need to make sure they can run a viable business and that their investment in residential rental property makes sense (and doesn’t take them to the cleaners!)

This is a similar concern for private residential landlords across Canada. Lets see how much landlords in other provinces can raise the rent in 2016.

1. Ontario Landlords.

Ontario landlords can raise the rent by 2%

2. BC landlords

BC Landlords can raise the rent by 2.9%

3. Alberta landlords

Alberta Landlords are lucky as due to the free market system there landlords can raise the rent by as much as the market will accept annually (as long as they give their tenants a lot of notice).

Manitoba Landlords Can Raise the Rent By Only 1.1% in 2016

According to the provincial government Manitoba landlords can only raise the rent by 1.1% in 2016. Is this fair?

Does this cover your increasing costs to maintain a high quality, well maintained and safe property? Many landlords don’t think so. Such a low allowable increase will lead to potentially serious financial pressures on good landlords who want to take care of their rental properties, improve the quality of rental stock of our province, and take care of renters.

Are landlords truly appreciated in Manitoba?

This a question many landlords and property investors are asking. Are we truly appreciated for taking the financial risk of buying a property and renting it out at an affordable price?

With such a low allowable rent increase smart landlords know that tenant screening becomes more important than ever. Because you are not allowed to increase the rent as needed renting to tenants who don’t take great care of your property can lead to major expenses.

The good news is there are lots of good tenants out there. Just make sure you screen your tenants carefully, including running a credit check, to find them. Landlords across Canada know the importance of renting to good tenants.

Manitoba Landlords Are You Going to Raise the Rent in 2016?

PROVINCE ADVISES MANITOBA RENT GUIDELINE SET AT 2% FOR 2014

Thursday, September 5th, 2013

 September 4, 2013

Manitoba lanldlords 2014 rent increase guideline

Residential landlords all over Manitoba are facing increased pressures these days.

It could be bad tenants or changes in the ways we can legally conduct business (because that’s what we are – business people running a business).

Increased Costs

 We also face increased costs.

 Whether it’s insurance, taxes or the price of hiring good contractors to keep our property safe and attractive, it’s becoming more expensive to be a landlord in Manitoba.

Fortunately we can try to recover our costs by raising rents, right? Many landlords have emailed us saying that at a minimum their costs are rising by 5% each year. We repeat – that’s the MINIMUM. Many landlords have figures which far exceed 5%.

To counter these costs many small and medium residential landlords need to raise the rent. When you include the fact many landlords are being forced to leave their properties vacant if they can’t find a good tenant and a fair rent is more important than ever like in other anti-landlord provinces such as Ontario.

How Much Can You Raise the Rent in 2014?

On a Sleepy End of Summer Friday Afternoon the Government Announced the 2014 Rent Increase

Remember last Friday? Last Friday in August. Start of a long week-end. You had the barbeque ready, friends coming over, and your kids were excited for the last week-end before school.

That was the day the government announced the 2014 Rent Increase Guideline

Here it is in all it’s non-glory:

“Manitoba Healthy Living, Seniors and Consumer Affairs advises the 2014 rent guideline has been set at two per cent and will take effect Jan. 1, 2014.

The guideline is determined annually and takes into account cost increases such as utilities, property taxes and other expenses in the operation of a residential complex.  Manitoba has proposed legislation that would make future calculations as transparent as possible.  It is anticipated a prescribed formula or the consumer price index for Manitoba would be used to help determine the guideline rate.”

That’s right. Only 2%

Landlords can apply for an increase above the guideline if they can show the guideline will not cover cost increases they have incurred. 

Tenants must receive written notice of a rent increase at least three months before the increase takes effect.  For example, for a rent increase to take effect Jan. 1, 2014, tenants must receive notice by Sept. 30, 2013.  With few exceptions, rent can only be increased once a year.

Tenants have the right to object to any rent increase, whether it is below, at or above the guideline. Objections must be made at least 60 days before the rent increase is set to take effect.”

Maybe it’s time all landlords in the province remember this when the next election comes.

To discuss this and other Manitoba landlord and tenant issues go to the Manitoba Landlord Forum.