Notice Of Rent Increase
What Is a Notice of Rent Increase?
When a person leases a premise, they have the right to raise the rental cost. This opportunity is provided by the rental agreement. However, there are several rules on how this has to be done. In Canada, the tenancy cost can be increased after the first 12 months of the lease. In order to inform the tenant about such a change, the landlord has to serve a notice of rent increase at least 90 days prior to when the cost is raised. In some cases, the term can be less. It usually depends on the type of property under the tenancy.
How to Complete the Rent Increase Notice
The form itself is quite simple and requires minimum effort to fill out. There are two pages that must contain the following kinds of information:
- Name and address of the tenant.
- Name and address of the lessor.
- Address of the real estate under the tenancy.
- The date when the rent will be increased and the amount per certain time period (check to indicate).
- Explanation of the raise.
- Check one of the conditions of the cost raising related to the Residential Tenancies Act, 2006.
- Choose who will sign the blank: the landlord or their representative.
- Put the name and contact number of the signer.
- Sign the form and put the date.
- If it is the landlord's representative who will sign the notice, indicate their name, address, company name (if applicable), contact details.
Prior to serving the notice of rent increase, make sure that it complies with all terms required by the Residential Tenancies Act, 2006. Some provisions of the law are set forth on the second page of the document. There are some terms and forms indicated for the tenant specifically as well. In case of any questions related to the submission of the document, carefully read the law or refer to the lessor and tenant board. The phone number and website of the mentioned institution will be indicated on the second page of the form.