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Property investor
I’m reviewing the rent on a unit in a small Toronto multifamily. Comparable asking rent appears to be around C$2,488, while the current tenant pays about C$2,272. They pay reliably, look after the home and have a good maintenance history, so I don’t want to lose a strong tenant merely to chase the advertised market figure.
I’m considering a modest increase, but first need to account for Toronto/Ontario notice and increase rules, possible vacancy time, refurbishment between tenancies and correct deposit handling. Asking rent also does not necessarily equal the rent a replacement tenant would actually pay.
How would you compare the value of retaining this tenant with the roughly C$216 monthly gap? Would you raise by the maximum permitted amount, choose a smaller adjustment, or leave the rent unchanged for another cycle? I’d especially appreciate a practical way to estimate the break-even vacancy and turnover cost while keeping the review fair and the relationship positive.
I’m considering a modest increase, but first need to account for Toronto/Ontario notice and increase rules, possible vacancy time, refurbishment between tenancies and correct deposit handling. Asking rent also does not necessarily equal the rent a replacement tenant would actually pay.
How would you compare the value of retaining this tenant with the roughly C$216 monthly gap? Would you raise by the maximum permitted amount, choose a smaller adjustment, or leave the rent unchanged for another cycle? I’d especially appreciate a practical way to estimate the break-even vacancy and turnover cost while keeping the review fair and the relationship positive.