7 Main Things to Look out for when screening potential tenants
PROOF OF INCOME: The first thing you need to check is whether your future tenants will afford to pay rent. Ideally, their monthly income should be at least three times the rent.
CREDIT SCORE: A tenants credit score is like a business card for their financial responsibility. Along with the proof of income, it confirms not just that they can afford to pay rent but that they can make these payments on time.
EMPLOYMENT HISTORY: Landlords enjoy the financial stability that comes with a long-term lease. Check if the potential tenants have a job but also if they have a habit of changing jobs often or if there are gaps in their employment.
BACKGROUND CHECKS: Running a background check is just as important as checking their credit score or employment history. You will want to know if your tenant has been evicted in the past and the circumstances behind the eviction.
LANDLORD REFERENCES: You will want to know from previous landlord if timely payments were made, and whether the left the property in good condition.
PET OWNERSHIP: Regardless if your rental is pet-friendly or strict no-pet policy, asking your tenants if they have pets is a must.
Communication: setting up an interview allows you to assess your tenant's character in a way that credit scores and employment history can't.
Ontario 2022 Rent Increase Guideline
Details Gov. Rel. News
22 December 2021
Based on the Ontario Consumer Price Index (CPI), the guideline on rent increases for 2022 in Ontario is 1.2 per cent.
The guideline applies to most residential rental accommodations covered by the?Residential Tenancies Act. It does not apply to rental units in buildings occupied for the first time after November 15, 2018, social housing units, long-term care homes or commercial property.
The rent increase guideline is the maximum most landlords can raise a tenant's rent without the approval of the?Landlord and Tenant Board?(LTB). It is applicable to most rent increases between January 1 and December 31, 2022.
Landlords may only raise rent if they gave tenants at least 90 days written notice using the?correct form. In most cases, the rent increase cannot be more than the rent increase guideline. In addition, at least 12 months must have passed since the first day of the tenancy or the last rent increase. If a tenant believes they have received an improper rent increase, they may dispute it at the?LTB within 12 months.
Due to the pandemic, and to support tenants, Ontario froze rent for the vast majority of tenants in 2021, so the 2021 rent increase guideline was set at 0 per cent.
Additional information on the 2022 rent increase guideline can be found on the provincial bulletin, as well as under TRREB’s Government Programs section.
