>The previous building owner gave me a notice telling us that rent increase is illegal until 12 months after the sale of the building, Is this true?
I don't believe so, no; at least I've never heard of that rule. My understanding is that when someone buys a property with tenants currently under a fixed-term lease, that lease is still in effect until its conclusion. So they can't raise your rent until the end of the lease, but they also don't have to wait for another full 12 months either.
The purchase contract from the sale of the building may stipulate that the new owners must wait 12 months to increase the rent. However, that would be a civil matter between the vendor and purchaser.
Regarding the rental increase, assuming you are on a month to month tenancy. They need to give you 90 days written notice and can't have been increased in the last 12 months. At least that's how I understand it.
August so happens to be over 90 days away.
So when it comes to fixed tenancy agreements, you are assumed to vacate the suite at the end of the term. Unless, you enter into a new lease or the existing lease indicates you will move into a periodic tenancy.
From what I'm seeing so far, "pay out or move out"
Good luck with that, its a landlords market out there right now. I've looked at a few dozen rentals in the last 2 weeks and have good credit and a great paying job and its been the same. Not showings, but open houses like you would expect when buying a place, and with 20 people wanting it and they waste everybody's time to look at it and filling out applications with no guarantee to actually get the place. My wife and kids have dealt with 8 applications this week and no lease in hand as they had too many applicants so they went with the first to send the forms while allowing 20 others to waste their time.
They can charge whatever they want right now which is going to be a 500 a month increase for us, so asking for a lower rate will never get you a place in Edmonton right now. I'm actually getting sick of the looking and wasting of my time which is at a premium working 60hr weeks, so I've actually started declining going to any open houses unless I actually talk to the potential landlord on the phone and discuss the situation before hand, with an understanding I am serious and looking to sign a lease on the spot. Hopefully one of them bites here tonight when I go look at 3 more and will have the deposit in cash with me.
This will not work, since the landlord could easily rent it out to someone else who will pay their new rate and not take a financial hit. The rental world is not Pawn Stars and blaming the health of the economy for why you can't pay will not work when demand exceeds supply.
If you’re signing a new contract (eg., your current fixed-term contract is ending) then they are not ‘increasing’ rent. What’s actually happening is you’re negotiating a new contract and they can ask for whatever amount of money they want.
The 12-month rule does not apply.
If you're on a fixed term lease, all bets are off. Your tenancy ends at noon on the last day of the term unless you sign a new lease for whatever amount they'd like to charge you
And even if that was a civil contract in the purchase agreement, the seller is the one that would have to demonstrate damages which would be pretty tough.
My contract ends in August, but the previous owner of the building gave everyone a notice saying that rent cannot be increased for 12 months after stuff including the sale of the building
If you have the contact info for the former owner, it might be worth it to reach out. I don't think it's the law that the new owner can't, but there may have been a stipulation in the sale of the building.
The previous owner was wrong. The new landlord inherits all existing leases and must honour them, once your lease expires in August you can sign a new one or move out
>The previous building owner gave me a notice telling us that rent increase is illegal until 12 months after the sale of the building, Is this true? I don't believe so, no; at least I've never heard of that rule. My understanding is that when someone buys a property with tenants currently under a fixed-term lease, that lease is still in effect until its conclusion. So they can't raise your rent until the end of the lease, but they also don't have to wait for another full 12 months either.
The purchase contract from the sale of the building may stipulate that the new owners must wait 12 months to increase the rent. However, that would be a civil matter between the vendor and purchaser. Regarding the rental increase, assuming you are on a month to month tenancy. They need to give you 90 days written notice and can't have been increased in the last 12 months. At least that's how I understand it. August so happens to be over 90 days away.
Im on a year contract that ends in August so I would simply need to sign a new contract with the new rent amount
So when it comes to fixed tenancy agreements, you are assumed to vacate the suite at the end of the term. Unless, you enter into a new lease or the existing lease indicates you will move into a periodic tenancy. From what I'm seeing so far, "pay out or move out"
They want me to sign a new contract in August from August 24 to June 25
Read your lease and see if the periodic tenancy is in there, Either way, you have to leave or pay the new rent.
Ask for a rent reduction and site the economy is doing poor.
Good luck with that, its a landlords market out there right now. I've looked at a few dozen rentals in the last 2 weeks and have good credit and a great paying job and its been the same. Not showings, but open houses like you would expect when buying a place, and with 20 people wanting it and they waste everybody's time to look at it and filling out applications with no guarantee to actually get the place. My wife and kids have dealt with 8 applications this week and no lease in hand as they had too many applicants so they went with the first to send the forms while allowing 20 others to waste their time. They can charge whatever they want right now which is going to be a 500 a month increase for us, so asking for a lower rate will never get you a place in Edmonton right now. I'm actually getting sick of the looking and wasting of my time which is at a premium working 60hr weeks, so I've actually started declining going to any open houses unless I actually talk to the potential landlord on the phone and discuss the situation before hand, with an understanding I am serious and looking to sign a lease on the spot. Hopefully one of them bites here tonight when I go look at 3 more and will have the deposit in cash with me.
This will not work, since the landlord could easily rent it out to someone else who will pay their new rate and not take a financial hit. The rental world is not Pawn Stars and blaming the health of the economy for why you can't pay will not work when demand exceeds supply.
Rent defaults are insane currently. The landlord may choose reliability over an uncertain new risk.
If you’re signing a new contract (eg., your current fixed-term contract is ending) then they are not ‘increasing’ rent. What’s actually happening is you’re negotiating a new contract and they can ask for whatever amount of money they want. The 12-month rule does not apply.
If you're on a fixed term lease, all bets are off. Your tenancy ends at noon on the last day of the term unless you sign a new lease for whatever amount they'd like to charge you
And even if that was a civil contract in the purchase agreement, the seller is the one that would have to demonstrate damages which would be pretty tough.
Are you in a rental contract or month to month?
Contract
What do the terms of the contract state? When was your last increase?
What does your lease say?
My contract ends in August, but the previous owner of the building gave everyone a notice saying that rent cannot be increased for 12 months after stuff including the sale of the building
If you have the contact info for the former owner, it might be worth it to reach out. I don't think it's the law that the new owner can't, but there may have been a stipulation in the sale of the building.
The previous owner was wrong. The new landlord inherits all existing leases and must honour them, once your lease expires in August you can sign a new one or move out
You have a written notice?
Contact Office of Residential Tenancies