I'd love to get some advice here on this.
I own an apartment in an RPZ, and it was let out to the same tenants for the last 10 years. They got a great deal on the rent as I was giving them a well-below market rate when the new legislation came into play, meaning annual rent increases were capped at low %s thereafter.
They moved out a few months ago, and I've spent a lot in getting the apartment back in a good state for renting out.
My understanding is that I still cannot reset the property to market rent (which goes way beyond 2%) I was considering a creative workaround - the property has a parking space which was not part of the previous tenancy as I used it for personal purposes from time to time. If I was to include this in the rental agreement this time, it seems fair that I should be able to increase the rent significantly as parking in the area is at a premium.
I contacted the RTB but they were very vague as to whether this was allowed or not. From the rules I see on their website, I'm doubtful if they would accept it. Then again, maybe they would only look into it if a new tenant raised a dispute, I'm not sure how proactive they are otherwise.
If anyone has any advice on this or what else I could do, I'm all ears.
TIA.
I own an apartment in an RPZ, and it was let out to the same tenants for the last 10 years. They got a great deal on the rent as I was giving them a well-below market rate when the new legislation came into play, meaning annual rent increases were capped at low %s thereafter.
They moved out a few months ago, and I've spent a lot in getting the apartment back in a good state for renting out.
My understanding is that I still cannot reset the property to market rent (which goes way beyond 2%) I was considering a creative workaround - the property has a parking space which was not part of the previous tenancy as I used it for personal purposes from time to time. If I was to include this in the rental agreement this time, it seems fair that I should be able to increase the rent significantly as parking in the area is at a premium.
I contacted the RTB but they were very vague as to whether this was allowed or not. From the rules I see on their website, I'm doubtful if they would accept it. Then again, maybe they would only look into it if a new tenant raised a dispute, I'm not sure how proactive they are otherwise.
If anyone has any advice on this or what else I could do, I'm all ears.
TIA.