Landlords have important dates to remember that require actions. Scheduling these five dates in your calendar with pop up reminders will keep important dates top of mind.
Which dates are critical for landlords to remember?
When is the lease due?
Knowing the due date of the lease is crucial, but first, check what type of lease you put in place, fixed or periodic. Both have rules for renewal and termination.
Once a fixed-term lease expires, the tenant must leave at noon on the last day of the tenancy. But if you or your tenants forget to renew and they stayed, the tenancy rolls into a periodic lease. With good tenants who you want to stay, it’s not a problem. But if you want the tenants to move out and your lease is now periodic, you’ll need to follow the rules for periodic tenancies.
Periodic leases have specific reasons for termination and set timelines for increasing the rent, and you are required to provide the tenant with acceptable grounds for terminating the tenancy. Those reasons include:
- a relative is occupying the premises
- selling property
- demolishing the property
- making major renovations
- intending to use it for non-residential purposes
When can you raise the rent?
Raising the rent in Alberta
Raising the rent for fixed-term leases
In Alberta, once a fixed-term lease has ended, you can raise the rent by any amount. However, even if you sell the property, the new landlord is required to follow the time frames specified in the RTA for raising the rent for fixed-term leases.
Raising the rent for periodic-term leases
Periodic leases in Alberta require 365 days since the last rent increase or since the tenant moved to raise the rent.
Raising the Rent in Ontario
Residential rent increases are governed by the Ontario Government, which uses the Consumer Price Index to set the cap. In 2022, Ontario’s maximum allowable rent increase was set at a whopping 1.2 percent.
Raising the Rent in BC
Landlords in B.C. were only able to increase rents by 1.5 percent in 2022.
When does Insurance Expire?
All landlords should have property insurance, and it’s also helpful if you make tenant insurance a condition for any prospective renter. Combined, these insurance policies protect most components of a rental unit and the contents contained.
Be informed of when your insurance policy and your tenant’s insurance policies expire. Although many insurers auto-renew policies, it’s a good idea to price compare before the expiration date to see if switching providers saves you money.
When Have Tenants Given Notice?
Again, check whether you have a fixed/periodic lease and if tenants have given early notice, what the penalties on your lease agreement state.
Reviewing the lease will prepare tenant conversations while keeping everyone’s expectations on the same page.
When are your Maintenance Inspection Reports?
Most property insurance providers require regular maintenance inspection reports. You can find this information by asking your insurance provider how often maintenance inspection reports are required to maintain your policy. Once you have this information, you can include these important dates in the lease or as an addendum to the lease and can schedule them at mutually convenient times/dates.
Remembering the magic number of five important dates for Landlords to remember will keep you on top of actionable items while maintaining your property and paperwork in top form.
What are your top landlord dates? I’d love to hear about them [email protected]
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