2012 ANNUAL RENT INCREASE GUIDELINE
The Annual Rent Increase Guideline for 2012 will be 3.1%. This increase is the maximum a landlord can increase the rent of existing tenants. This increase applies to a rent increase that begins any time between January 1, 2012 and December 31, 2012. The formula for this increase “is based solely on the Ontario Consumer Price Index for all goods and services.” An explanation for how the Annual Rent Increase Guideline for 2012 was formulated can be accessed at this link:
http://www.ltb.gov.on.ca/stdprodconsume/groups/csc/@ltb/@keyinfo/documents/resourcelist/112012.pdf
Detailed information on the Above Guideline Increase is also available at the link above.
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Interest Payment On Last Month Rent- It is also recommended that you check our link Renting Regulations regarding interest payment on your Last Month Rent (LMR). Based on the regulations of the Residential Tenancies Act, the landlord is required to pay you annual interest on your last month’s rent deposit.
According to the Residential Tenancies Act:
…. the landlord must pay the tenant interest on the rent deposit every 12 months. The amount of interest that a landlord must pay is the same as the rent increase guideline that is in effect when the interest payment is due.
