For tenants, rent increases are a fact of life. They’re necessary to cover the increasing cost of property ownership (rising property taxes, insurance, mortgage payments) and to reflect current market conditions.
At the beginning of your tenancy you signed an agreement, which detailed when and how we’ll notify you of a rent increase, and the conditions are essentially the same regardless of whether you’re in a fixed-term tenancy or a periodic tenancy.
Here’s what we do:
- Rent is reviewed and/or increased at the end of each six-month period.
- We sit down and review each property individually.
- We pass on our recommendations to the property owner, but any increase is at their discretion.
- We notify you in writing of any rent increase stating the amount and the date that it will come into effect.
- Rentwest provide you with at least 60 days’ notice of the increase.
Do you have any questions about rent increases? Let us know how we can help.