QUOTE (investmart @ Sep 25 2008, 06:00 PM) Hi Greg,
This might apply to me as I put an offer to purchase a multi-plex in Sudbury with some units newer than others. However, the reason I found this article very interesting is, regardless of whether you can actually increase rent based on this law and owning a newer rental properties or not, it tells you something about Sudbury and how supply and demand there is working in favor of owners, and I am interested in purchasing in Sudbury. That`s becasue even if it is legal to increase rent by 30% or more , it is not actually done in most areas becasue supply and demand will not allow you to do that.
Regards,
Neil
We own 93 units (3 31 suites side-by-side) in Sudbury .. and we find that quality (i.e. renovated) apartments rents for 30-50% more than existing, rent controlled (and usually unrenovated) ones .. the demand is there if the product is right (i.e. value and price is in line !)
Hard to rent low quality for 30% more .. we tried to rent some unrenovated suites for more money and the demand was less than stellar .. and very hard to raise rents due to rent control laws in ON ..
