Brand New Apartment Building Opening in Kitchener: Open House Event – October 19 & 20
October 01, 2024
Understanding Rent Control in Newer Buildings
What You Need to Know Before Renting a New Apartment: Understanding Rent Control in Newer Buildings
When searching for a new apartment, it can be incredibly tempting to move into a brand-new building with modern amenities, sleek finishes, and all the latest conveniences. However, before you make the leap, it’s crucial to understand a key piece of legislation that affects tenants in newer buildings—especially those built after November 15, 2018.
No Rent Control in Newer Buildings
Did you know that rental units in buildings constructed after November 15, 2018, are not subject to Ontario’s rent control regulations? This means that while older buildings have a cap on how much rent can be increased each year (as set by the Ministry of Municipal Affairs and Housing), newer buildings do not follow this rule. As a tenant, this could lead to significant rent increases after your first year of tenancy—something that might come as a surprise if you’re not prepared.
Why This Matters to You
Understanding the rent control laws—or lack thereof—in newer buildings is essential for making an informed decision before you sign a lease. While the allure of new apartments and state-of-the-art facilities is strong, it's important to consider what might happen to your rent after your first year. Without rent control, your landlord has the flexibility to increase your rent by any amount they choose, potentially making it difficult to afford your apartment long-term.
Why Renting with Drewlo Holdings Is Different
At Drewlo Holdings, we understand how important it is for tenants to have peace of mind when it comes to their rent. That’s why, even in our new builds, we strive to keep our annual rent increases in line with—or very similar to—the guidelines set by the Ministry of Municipal Affairs and Housing. This means that when you rent with Drewlo, you can enjoy the benefits of a new building without the uncertainty that often comes with non-rent-controlled apartments.
Making an Informed Decision
Before renting a new apartment, especially in a newly constructed building, it’s important to educate yourself about what to expect regarding rent increases after your first year. At Drewlo Holdings, we’re committed to transparency and fairness, ensuring our tenants feel secure in their homes year after year.
Remember, it’s always worth doing a little research to avoid surprises down the road. Choose a landlord that values your comfort and stability—choose Drewlo Holdings.