The Ontario rent increase guideline for 2023 is 2.5%.
Rent Increase Guidelines for 2023 quick facts:
- The rent increase guideline for 2023 is 2.5%
- The 2023 rent increase is the highest cap in 10 years
- If based on the Consumer Price Index, high inflation would result in a rent increase guideline of 5.3%
- A rent increase was capped to “help protect tenants from significant rent increases”
- Some critics still believe the increase is too high
More on raising rent
As always, a rent increase must follow a notice of rent increase issues 90 days prior. To learn more about rent increase rules, guidelines, and forms, visit our Rent Increase Guide.
How LandLord can help
We professionally, legally, and fairly issue rent increases to our tenants on behalf of our clients. We know there are several things to consider before a rent increase, and that every property is unique. If you would like to discuss what strategy would work best for you, get in touch with our advisors todays.
Remember, as a rental property owner, you always have the option of outsourcing your rent increases as well as your rent collection and property management. If you would like to experience “hands-off” rental property ownership, schedule a consultation with our team today!
Learn more at Ontario.ca
