STOP UNFAIR RENT INCREASES
Rent doubles for tenants of 2 west-end Toronto condos, province says reform coming- GLOBAL NEWS -
New law for rent control should include all buildings built before and after October 31, 1991 and the law should be retroactive from January 1, 2017 to protect tenants in buildings built after October 31, 1991 who are now being taken advantage of by landlords. It is also time for the ABOVE GUIDELINE RENT INCREASES to be abolished as they have been used to help landlords rid themselves of long term tenants so they can increase the rents by 25%-35%.
Example - Akelius Canada Ltd owner of 111 Lawton Blvd. One bedroom apartment rent before taking ownership $1150.00-$1200.00 now each new vacant apartment $1700.00 plus utilities $100.00 and parking $125.00 per month not to mention the on going demolition (noise 12-14 hours a day) and reconstruction inside these empty units while tenants are living on the premises. The company has been operating like this in the 40 or more other buildings (total of 3,116 apartment units) they own in the city of Toronto since entering the real estate market here in 2011. How many tenants have vacated these buildings? In this one location 55 units have been vacated and rents increased substantially out of the 152 in the past 12 months. 36% tenant turnover rate. Rent increases on newly renovated apartment vacancies 40% - 48% not to mention the added real estate value based on the new rents amounting to multiple thousands of dollars per apartment unit. Based on capitalized value of rental increase($80,000.00 to $120,000.00 added value per one bedroom apartment). Millions per building.
Note quote from 2015 yearend financials - Akelius Residential Property AB (publ) Annual Report 2015 "During the year we made the first sale, a building with 60 apartments in Toronto. The price was 53 percent above the value at the beginning of the year". Property sold for double what was paid for it twenty four months earlier.
These companies/landlords are also allowed to file above guideline rent increases for various renovation costs to the remaining tenants who have managed to stay on and fight to remain in their homes. Stop Above Guideline Rent Increases.
New law for rent control should include all buildings built before and after October 31, 1991 and the law should be retroactive from January 1, 2017 to protect tenants in buildings built after October 31, 1991 who are now being taken advantage of by landlords. It is also time for the ABOVE GUIDELINE RENT INCREASES to be abolished as they have been used to help landlords rid themselves of long term tenants so they can increase the rents by 25%-35%.
Example - Akelius Canada Ltd owner of 111 Lawton Blvd. One bedroom apartment rent before taking ownership $1150.00-$1200.00 now each new vacant apartment $1700.00 plus utilities $100.00 and parking $125.00 per month not to mention the on going demolition (noise 12-14 hours a day) and reconstruction inside these empty units while tenants are living on the premises. The company has been operating like this in the 40 or more other buildings (total of 3,116 apartment units) they own in the city of Toronto since entering the real estate market here in 2011. How many tenants have vacated these buildings? In this one location 55 units have been vacated and rents increased substantially out of the 152 in the past 12 months. 36% tenant turnover rate. Rent increases on newly renovated apartment vacancies 40% - 48% not to mention the added real estate value based on the new rents amounting to multiple thousands of dollars per apartment unit. Based on capitalized value of rental increase($80,000.00 to $120,000.00 added value per one bedroom apartment). Millions per building.
Note quote from 2015 yearend financials - Akelius Residential Property AB (publ) Annual Report 2015 "During the year we made the first sale, a building with 60 apartments in Toronto. The price was 53 percent above the value at the beginning of the year". Property sold for double what was paid for it twenty four months earlier.
These companies/landlords are also allowed to file above guideline rent increases for various renovation costs to the remaining tenants who have managed to stay on and fight to remain in their homes. Stop Above Guideline Rent Increases.
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