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Winnipeg Landlord Rent Increase Guideline for 2018 is 1.3%

October 29th, 2017 · No Comments · Latest News, Manitoba rent increase 2018, Winnipeg landlords

winnipeg landlords manitoba rent increase guideline 2018 is 1.3 percent

Winnipeg Landlords Can Only Raise the Rent By 1.3% In 2018

While many Winnipeg landlords are doing well there are still a lot of challenges and potential pitfalls out there if you aren’t careful. It’s more important than ever before to treat your rental property as a real business.

Those who rent to good tenants are doing well and find being a landlord is a rewarding and worthy business venture.  Your good tenants are treating you and your rental property with care and you have a mutually respectful and beneficial business relationship.

What type of win-win situation are landlords looking for with their tenants?

Rent Is Always Paid (And On Time)

Every month your tenants make sure they pay the rent on time. You don’t have to worry about not receiving payment when you also have your mortgage due. If for some reason your tenants need to be a little late, they will give you lots of advance notice and do everything they can to make sure paying rent is a priority and not down the list of their bills and other expenses

Rental Property is Treated With Care

Experienced landlords know one of the secrets of their success is to rent out terrific, well-maintained properties. Nice properties attract good tenants, it’s that simple. The problem is you spend thousands to maintain the unit and make it attractive and one bad tenant can make huge damages and lead to a big loss. Good tenants will make sure your property is treated with care. When they move out they leave the property in the same condition as when they moved in, minus some normal wear and tear.

Lease Rules Are Followed

It’s always a win-win when the lease rules are followed. It’s especially important for tenants to give proper notice to give you the opportunity to find new tenants and not lose a month of rent.

Winnipeg Landlord Challenges

Experienced Winnipeg landlords also know that being a successful landlord isn’t easy and you always have to be on top of your game.  We have seen cases of bad tenants causing small landlords to have large financial losses.

While Ontario landlords are used to bad tenants, Manitoba landlords need to make sure you ‘trust but verify’ before renting out your property. Always run a credit check to make sure you know who you are renting to. 

We also face the huge issue of new marijuana / pot/ weed laws coming. Not only could this new law lead to tenants fighting other tenants about smoke and smell, but also some tenants may bring in plants to grow themselves. This is a going to be a very complicated issue.

Landlord costs are also increasing and this can lead to little or no cash-flow for many landlords.  Unlike Alberta landlords who can raise the rent as much as they see fit every year most Manitoba landlords are under rent control. 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.

Manitoba Landlord Rent Increase 2018

According to the Manitoba Landlords Association the tenancies branch will allow a rent increase of only 1.3% in 2018. Is this enough for you to cover your costs? Remember you need to follow the rules when giving the rent increase. This means you must provide your renters with a notice of rent increase at least 3 months before the actual rent increase comes into effect. And in most cases you can only raise the rent once a year.

Winnipeg Landlords Are You Going To Raise The Rent In 2018

If you are, most of us are stuck at a maximum increase of only 1.3%  Many experienced landlords recommend raising the rent each year even if it’s as low as it is in 2018. With lots of new challenges on the way Winnipeg landlords need to protect ourselves and our investment properties. One way to protect yourself is to join the Manitoba Landlord Association for a low one time fee.

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