You can make a good living by renting out your home, but the average monthly rent for a one-bedroom apartment in Toronto is $2,250, according to a new report from the Ontario Rent Board.
The report also found that while there is no set minimum monthly rent, a tenant in Toronto pays an average of $2.13 per square foot, or $10,100 a year.
Here’s a look at what you need to know.
What is a monthly rent?
A monthly rent is the amount you pay to your landlord each month to rent your property.
Renters can get a rent increase, if they meet certain criteria, including a higher income, a higher credit score or being a student or other vulnerable adult.
The board is also working to update its website to include rent increases for 2017, 2018 and 2019.
It says its goal is to update the site to reflect a more accurate picture of what’s affordable for Toronto renters.
Where does the average rent in Toronto come from?
The report estimates that a typical one-bed apartment rent in Ontario is $1,300.
The average monthly rents in all of Ontario are $1.00, or about $1 a square foot.
A tenant in a two-bed or three-bed home is expected to pay $1 per square feet.
What are the most common expenses a landlord pays to rent out a home?
You can find out what you pay in your landlord’s monthly rent by checking the Ontario Landlord and Tenant Act, which states that landlords must provide a “reasonable accommodation” for tenants.
The act defines “reasonable” as “affordable for a reasonable period of time.”
The act also states that if you need a rent rise, you can apply for a rent stabilization payment.
You can also find out how much your landlord is asking for in your rent by using the landlord’s information and reporting form.
You also can find the rent in your property by going to your tax return, filling out a free landlord questionnaire and checking the box for rent.
The landlord must then give you a statement, if you are seeking rent relief.
Is your landlord in trouble?
If you have been in a rental dispute with your landlord, you should speak with an employment lawyer.
The Ontario Employment Standards Agency says landlords can be in trouble for failure to pay rent.
If your landlord does not pay rent, the agency says they are likely to be in breach of the Employment Standards Act.
They could also be liable to a civil penalty of up to $5,000 per offence.
Are there any penalties for landlord-tenant disputes?
There are no penalties for landlords who don’t pay rent or don’t comply with rent stabilization orders.
However, the Employment and Social Development Ministry does make some recommendations to improve tenant-tenent disputes.
These include: making sure landlords comply with their obligations under the Employment Equity Act to offer reasonable accommodation and to provide a statement of income and the landlord must provide the information to a tenant; providing a statement that includes the name of the tenant and their credit score, credit record and a description of their income, rent and other obligations; and making it clear that the tenant can file a complaint with the Employment Tribunal or the Ontario Human Rights Tribunal.
Who can I call for advice?
The Ontario Landlords and Tenants Federation (OLTF) has advice for landlords, including how to file a grievance and what to do if a tenant is unhappy with their landlord’s behaviour.
You might also want to talk to an employment and social development lawyer about how you can be the first to file your complaint.