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July 2020 – Rent increases during COVID

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Hi, everybody hope you are doing super well this week, Megan here coming to you from Mint HQ. And today we’re going to look at the question around rent increases, and it’s something that we’ve been asked a lot lately, and we’ve been working through Q and A with people.

So hope this info is helpful. Now the question is can the rent be increased? There is a short answer. And of course there is a long answer. Now the short answer is no, no it can’t. Not until the COVID-19 laws that amended the Residential Tenancy Act are repealed on the 25th of September, 2020. There’s your short answer. The longer answer is if you’re an investor, and you are thinking about looking at a rent increase to be issued after that date, we would urge you to take into consideration a few other factors. If there’s a stable tenancy in your investment property, you know your rent’s paid on time. You’ve got great people living in there. There’s a good relationship between them, and your property manager and you. Then we would want you to consider holding tight on that for a little bit and keeping that stability there in your investment. There’s a few other factors that go into that equation. Really happy to walk through those and make sure that everybody is comfortable. If you’ve got any questions on this, please don’t hesitate to shoot us a message because the topic of rent increases can be pretty emotional for all parties involved. So have a chat to us, let us help you sort out the right answer, and the right way forward. Hope everybody has a great day, take care.

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