Posts Tagged ‘Rental Property’

Nova Scotia Landlords Allowable Rent Increase 2016 for Land Lease Communities

Sunday, December 6th, 2015

Nova Scotia landlords rent increase guide for 2016

Nova Scotia Landlords Can Raise the Rent 1.5% in 2016 for a Land Lease Community

Successful and experienced Nova Scotia landlords know how important it is to rent out well-maintained properties. If you have a nice and safe rental property you will attract more good tenants and avoid the “pro tenants” out there who can destroy your rental and end up costing you thousands of dollars in lost rent and damages.

Of course, maintenance and property improvements are not cheap. And the reality is costs are rising. This is why it’s important for landlords to make sure the rent you are getting is increased each year to help you cover your costs.

Nova Scotia Landlords Can Raise the Rent 1.5% in 2016 for Land Lease Communities

Every year the government publishes how much landlords can raise the rent in the coming year. This is called the AARIA (Annual Allowable Rent Increase Guideline). In 2016 you can only raise the rent by 1.5%  Will this cover your additional costs?

Are You Going To Raise the Rent This Year?

If you own a single family home, condo or multiplex are you going to raise the rent this year?  If so, how much will you raise the rent?

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Nova Scotia Landlords Question – How Much Can I Raise the Rent in 2013?

Tuesday, January 8th, 2013

January 8th, 2013

 Nova scotia landlords how much can i raise the rent in 2013

Nova Scotia Landlords Can Raise the Rent 3% in 2013

Unlike in Alberta, landlords in Nova Scotia can only increase the rent for current tenants as much as the government will allow.

The government Residential Tenancies program announces an Annual Allowable Rent Increase Amount (AARIA).

The AARIA is published annually before April 1st.  The published amount is the limit landlords can increase rents from January 1st to December 31st for the year following.

The 2013 allowable rent increase (between January 1, 2013 and December 31, 2013) is 3.0%.

In Ontario landlords can raise the rent by 2.5% in 2013.

In British Columbia landlords can raise the rent by 3.8% in 2013.

In Manitoba landlords can raise the rent by 1% in 2013.

How Does the Government Calculate AARIA?

The formula for calculating the annual AARIA is (X + Y) ÷ 2.

  • X = the annual average percentage change for the Consumer Price Index* for the calendar year immediately before the year the annual allowable rent increase amount is published.
  • Y = the annual average percentage change for the Consumer Price Index for the calendar year immediately before the calendar year used for X.

If the annual average percentage change for the Consumer Price Index for a given year is a negative value, the percentage change that will be used to calculate the AARIA will be 0.0 % for that year.

* the Consumer Price Index means the all-items Consumer Price Index for Nova Scotia, not seasonally adjusted, published by Statistics Canada.

How To Give Your Tenants A Rent Increase

A landlord may give tenants in a land-lease community a rental increase that is anywhere between zero and the AARIA, using the Notice of Rent Increase form provided.

The Guideline Rate of 3% Is Too Low

If a landlord wishes to give a rent increase that is higher than AARIA, the landlord must make an application to director using the guidelines in the Landlord’s Guide to Residential Tenancies.  This can be a complicated process.  It’s a good reason to make sure you find great tenants.

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Posted in 2013 Rent Increase Guideline | 310 Comments »

New Rules for Nova Scotia Landlords

Saturday, December 1st, 2012

December 1st, 2012

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Nova Scotia Landlords Are Facing Unfair Rules as the Government Caters to Tenants and Activists and Changes the Residential Tenancies Act

What’s Going On?

The government has created new rules for landlords and tenants.

Why Are They Making Changes?

No doubt this has a lot to do with the fact over 30% of the population are renters.

When Did These Changes Become Law?

November 15th, 2012.

When Was the Last Time Changes Were Made?

It was a decade ago.

Why Now?

Again, there are a lot of voter out there, um, I mean, tenants out there. And even the most ridiculous tenant is a potential voter.

So What are the Changes?

The main changes are:

#1 Landlords can charge a maximum $75 sublet fee.

#2 Zero per cent interest rate earned on security deposits

#3 Land-lease community landlords can increase rent annually by an amount dictated by Residential Tenancies.

#4 Rental contracts, except fixed-term leases, are automatically renewed.

#5 Tenants can terminate fixed-term leases early for health reasons.

#6 If rent is 15 days late, landlords can give tenants a 15-day notice to quit. Tenants can pay rent, end the lease or appeal the notice.

Hmmm, I Don’t See Anything To Help Landlords With Bad Tenants

That’s because there isn’t anything to help. The issue has been ignored by the government and most of those in the media. It’s why you better be prepared for the worst if you are a landlord. And if you don’t have the time to be prepared, hire an excellent property management company that offers elite services.

Why?

It’s not ‘cool’ to talk about bad tenants. It’s far easier to frame all renters as ‘victims.’ After all, the elite thinks, who will rent with housing prices so relatively cheap here compared to the rest of Canada. The tenant activist and the government don’t care about landlords getting cheated in Nova Scotia.

I’m Confused About Point #5. 

Okay.

This Looks To Be A Recipe For Abuse…And An Easy Way To Get Out of A Fixed Term Lease

Yes.

Getting out of your legal responsibility for ‘health reasons’ creates a very slippery slope and is open to abuse as some tenants will see it as an invitation to break a lease. There are lots of manipulative tenants out there.

What Is the End Result of This?

The end result is the province is looking backward and not forward.

How So?

Instead of encouraging investment, the new laws seem to view landlords as ‘villains’ and tenants as ‘victims.’

Real life is different.

The government is short-sited and mistaken with these new changes to the laws governing landlords and tenants.

If you are a landlord in Nova Scotia you need to do careful tenant screening, including credit checks and be fully aware the government is biased against you and and doesn’t care about the risk you have taken investing in rental properties.

That’s Harsh!

That’s reality. If Nova Scotia doesn’t appreciate the investments of landlords then maybe Nova Scotia landlords should look elsewhere to invest.

Landlords Make Sure you Do Proper Tenant Screening, Including Credit Checks, And Only Rent to Responsible Tenants. If you Get Bad Tenants, The Government Has Made It Clear: You Are On Your Own! To Discuss this and Other Nova Scotia Landlord Issues, Go to the Free Nova Scotia Landlords Forum.

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