Got cold feet or fear of Rent Increases – A landlord’s perspective

OK, the blog post title got your attention, YAY !!!! rent increases

This post will be a 2 part series as it impacts 2 key players who are in this relationship.

Namely,  A landlord who owns the property and is responsible for all costs beyond the rent paid , and

A tenant who is renting and has been granted the following privileges such as reasonable use and enjoyment the use of the property for a set term, fee and subject to additional clauses as set out by the Residential Tenancies Act on issues such as rent increases, properties exempt from the set % annual increases, noise, overcrowding, acts of harassment or intimidation by landlord or tenant, standard of civil conducts expected of landlord, standard of civil and respectful conduct expected of tenants, rent due dates, maintenance issues, termination of lease etc.  For more on the RTA Ontario , you can click here.

If we think of rent increases as a pill, our perspective can be healthy and wholesome in the sense that someone has to give it and another has to ingest it. As with all pills there is bound to be side effects but if the benefits of taking the pill outweigh any perceived value or angst on the receiving end. I’d say go for it. Based on experience, the side effects though perceived as unwanted, bad or negative often times in reality is never equal to the flip side of zero increases.

As a a fellow human bill, with professional, moral and financial responsibilities all adults face i get it and understand completely the lull of stability, the comfort of perceived safety or predictability but i also have come to realize the benefits of unveiling our eyes when change occurs or change is coming.

Our love for comfort, stability and predictability sometimes ensures we

– work at a job for years or decades we either love or hate
– go to the same restaurant or eat the same dish 100 times
– Live at home for as long as our egos or incomes allow.
– live at the same address for years, either renting or owning
 
But 3 things out of our control which we can never keep stable nor predict a rate of increase on are: 
– property taxes
– interest rates on debts, mortgages
– annual condo fees expense
– the consumption of utilities ( gas,water,electricity) for all inclusive rent rates
– associated maintenance costs of a home
 
Your call to action is get your gears in action and do not be afraid of rent increases, we all get you are mr.nice and not a #badguy but for the relationship to be healthy, and for you to have funds available for the short list of 4 above. Do it!
 
Because at the end of the day whether or not you do it! You are still holding the #financial basket.
 
How’s your basket? Talk to @zerovacancygal on twitter today!  Share your experience today and use hashtag #2016together 

 

ZeroVacancyGal