Lots of Winnipeg Landlords Are Asking ‘How Much Can I Raise the Rent in 2014?’
We wish everyone a very Happy New Year and hope you had a terrific holiday.
There are many things for residential real estate investors to look forward to in 2014.
One of the most important developments is that more and more Winnipeg landlords are doing tenant screening now.
This includes tenant credit checks with Equifax and GARDA.
Landlords across Manitoba have learned what can happen if you rent to tenants without doing very thorough research on them before you had over the key.
It’s not just in our province.
Landlords across Canada have learned hard lessons about renting to tenants without this thorough research.
Rent Increase Guideline 2014
We have received several emails from Winnipeg landlords asking about the allowable rent increase this year.
Some landlords believe we have the same system Alberta landlords have.
Unfortunately it’s not the case as they can raise the rent to whatever the market can bear.
How Much Can Winnipeg Landlords Raise the Rent in 2014?
The provincial government has ruled we can raise the rent by 2% in 2014.
Yes, only 2.0%
Many landlords feel it’s very low.
So low they won’t be able to recoup the expenses they will need to do to maintain their rental properties.
Proper Procedure to Raise the Rent
Remember you need to follow the rules and provide proper notice…even for this type of low rent increase.
To discuss this and other landlord issues go to the Manitoba Landlord Forum.