Everything About Rent Increases And Reductions

 By: Felix Richard
Rent is perhaps the most important concept to understand when signing onto a tenancy agreement. Once you've signed a lease you are legally obligated to pay rent according to the terms of the contract. That may seem simple, but there are a few aspects of rent payments that must be understood.

Rent only covers that which is agreed to: your landlord is only obligated to provide you with services that are agreed to in the contract. Make sure that if you have been told that utilities are included, that it is stated on the contract prior to signing. Other services to keep in mind of what rent does or does not cover may include: parking, cable, heat, electricity, hydro, air conditioning units, or central air. It is not necessarily a loss if any of these aspects are not included in your rent; it simply means that for access to them you will be charged an extra fee. If utilities are not included in your rent, it also gives you the opportunity to control the amount of utilities you use, potentially saving you money if you conserve.

Rent price is set in the contract: agreement on price between the landlord and tenant is set in the contract. Ensure that the price you've agreed to verbally is the same price written in the rental contract.

Rent Deposits are common: most, if not all, landlords or rental companies will ask for a rent deposit. This deposit can be no more than the cost of one month's rent (or one week's rent if rent is paid weekly.) This deposit may only be used as last months (or week's) payment. If rent is raised at any point, the landlord may ask you to supplement the deposit to that amount. The landlord is also obligated to pay tenants interested on their deposit every year.

Payment method is also subject to agreement between tenant and landlord. This payment method must be agreed upon by the landlord and tenant, and cannot be changed unless both parties approve the change. Though a landlord can offer to accept payment via post-dated cheques or automatic payments, they cannot require tenants to pay via those methods.

Rent receipts only upon request. Landlords are only obligated to a provide rent receipt if the tenant requests one, these receipts cannot be charged for.

We previously went over certain aspects of rent that tenants should be aware of including: how rent price is set, what services it covers, payment methods, rent deposits, and rent receipts. Another aspect of renting that tenants should be aware of is the fact that a rent can change if circumstances permit.

Tenants should be aware of the following:

Rent can increase. A landlord can increase rent, but usually only after a tenant has been living in the residence for a period of 12 months. The landlord must first give written 90-day notice to the tenant. Rent increases can occur in the following situations:

- Yearly increase set by the Ontario Government. The Landlord and Tenant act must approve any increase beyond that unless agreed upon between the landlord and tenant.

- Significant increase in municipal taxes, charges, or utilities has occurred.

- Major repairs or renovations have been done.

Rent can be reduced. There are certain situations where the landlord is required to decrease rent. This includes situations where utility costs have gone down significantly or municipal property tax is reduced by more than the prescribed percentage.

Ottawa apartments rent also you can reduce with discuss your Ottawa agents.

Tenants can apply for rent reductions: this usually occurs if municipal taxes or charges on the property decrease, when a landlord removes a service that was previously provided, or the conditions upon which a landlord increased rent above the guideline are not met.
Artice Source: http://www.articlesphere.com

Related Articles in Real Estate

People interested in the above article are also interested in the related articles listed below:

Since the late 2000’s, the hillside enclave of Mount Washington has become the most affluent neighborhood in North East Los Angeles (NELA). It is also known as the affordable Laurel Canyon of the East, featuring a high achieving elementary school located within its borders. This fashionable “offbeat” neighborhood in the San Rafael hills is also home of the Southwest Museum and the Self-Realization Fellowship Center.
The rapidly developing area of North East Los Angeles (NELA) lends new meaning to the name “Boomtown”. Following in the footsteps of Highland Park, their neighbor to the West, the picturesque communities of Hermon and Garvanza have been undergoing a major facelift since the nineties. That’s been good news for homeowners who have seen homes in Garvanza and Hermon spike in value as real estate in these areas become highly coveted.
Purchasing your first home comes with many trials and tribulations. In the first year after closing there are many valuable lessons to be learned. Here are some things to think about as you begin the process of going from renting to buying.

More in Real Estate

Excellent, Larry. Thank you for taking the new article directory technology and making it work to the max. I encourage everyone to keep contributing and contributing regularly. I can attest to the fact that this site is already a strong directory in a field of many. Kudos to Larry!

Matthew C. Keegan
The Article Writer


I find it a delight to use both as an author and a publisher. It is full of nice little surprises that make the whole process of writing, reading and publishing articles a complete delight. This is one that comes out tops and beats the rest hands down.

Eric Garner
Managing Director


I did a Google search and came across your site. It was exactly what I was looking for and was elated to find such a broad range of articles. As I am launching a free magazine in a small town in Florida, I wanted to be as resourceful as possible while still being able to provide some content that is interesting and well written. Your site has all the variables in the mix. Excellent Site hitting all the notes in the scale sort of speak.

Mo Montana
Florida, USA

Article Topics

Copyright © 2005 - by Larry Lim, Singapore - Article Search Engine Directory at ArticleSphere.com™
All Rights Reserved Worldwide. All Trademarks and Servicemarks are the property of the respective owners.
ArabicBulgarianCatalanChinese (Simplified)Chinese (Traditional)CzechDanishDutchEnglishEstonianFinnishFrenchGermanGreekHaitian CreoleHebrewHindiHungarianIndonesianItalianJapaneseKoreanLatvianLithuanianNorwegianPersianPolishPortugueseRomanianRussianSlovakSlovenianSpanishSwedishThaiTurkishUkranianVietnamese