Tenancy Advice - Rent Increase

apartments * condominiums * suites * houses * rooms
sublets * vacation rentals * shared accommodation

apartment guide .ca
Vancouver Apartments for Rent
 HOME   |  LISTING   |  RENTERS GUIDE   |  LANDLORDS GUIDE  |  EXPERT ADVICE  | 

Translate to Spanish Translate to German Translate to Japanese Translate to French Translate to Chinese Translate to Korean






Advice for Tenants - Popular Subjects -
 
General:
Starting Tenancy:
During Tenancy:
Ending Tenancy:

 
 

Tenancy Problems - Rent Increase

Q: I have been renting for 2 years. The old owners have sold. Are the "new owners" allowed to raise the rent right away? If not, when can they raise the rent and how much notice do they have to give me?
A: When a tenanted property is purchased, the new owner inherits the tenancy agreement. If yours is a month-to-month tenancy agreement then the rent can only be raised in accordance with the regulations and only once per year. A rent increase also requires government forms and a 3 month written notice.
If yours is a fixed term tenancy agreement then the rent cannot be increased at all during the period of the lease.
Unfortunately, I see this type of thing all the time: purchasers haven't brought in a tenancy expert to look at the tenancy agreement yet they count on being able to raise the rent or move in. Oftentimes purchasers learn the hard expensive way that they can't do either.
I advise everyone considering buying a rental property to do all the homework, which includes having a tenancy expert examine the agreements, just like you'd have a home building inspector come in and make a report. You'll save a ton of time, trouble, turmoil and anxiety - not to mention financial risk.


 
 

More Q/A - Rent Increase


Copyright © 2001 - 2014 apartmentguide.ca - Vancouver Apartments for Rent