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 wanting 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?