As predicted by various industry observers such as FRPO, the Ministry of Municiple Affairs and Housing announced last week that Ontario landlords will be able to raise tenant rents (who have not been raised in 12 months) by 3.1% in 2012. While this is a welcome reflief compared with this year's 0.7%, critics are saying that this increase will not cover the effects of rising costs. Fingers are pointed at the new HST which has caused an immediate 8% hike to almost all goods and services required by property owners and managers. The rental guidline calculation is based purely on Ontario's CPI.
 
Because this change begins in January and N1's need to be issued prior to October 1st, be sure to initiate the 3.1% increase into your software in the month of September. For Rent Magic users the process is simple. Simply go to the Edit Building screen from Building Management menu. Select your building and input the increase amount in the Building Defaults screen. Your N1's will be produced using this new number.
 
For more detail on this subject see http://news.ontario.ca/mah/en/2011/07/2012-rent-increase-guideline-1.html
 
For documentation on Building setup within Rent Magic's ManageUDA, see here.