Just in case you ever hear me complaining about 'hood life - remind of this:
Landlords on P.E.I. have asked the Island Regulatory and Appeals Commission to let them increase rents next year from seven to 30 per cent.
The requests came in the form of written submissions to IRAC. Twila Whalen, director of residential rental property, told CBC News Tuesday this has been a busy year for submissions. Most years there are no more than five, but this year more than 30 have been received, 18 from landlords and 13 from or on behalf of tenants.
Landlords say they need the increase to cover the cost of heating oil. Whalen said some tenants are worried they'll be hit with a big increase all at once.
"Some of the tenants were actually requesting that if there's going to be a large rent increase that it would be divided between two years or three years, not make it all at once," said Whalen.
"That would be understandable, being that their increase in income would never cover anything, for example, like a 10 or 20 per cent increase."
IRAC will decide by the end of the month how much rents can go up as of Jan. 1. The increase last year was capped at one per cent.
Source: http://www.cbc.ca/canada/prince-edward-island/story/2008/09/03/rent-increase.html
Sooo, in doing the math, someone who pays the average rent of $650/month would pay $845/mo if the full 30% increase was approved. That's one ginormous kick in the junk, now isn't it? I don't even know that the figure I worked out is 'average' anymore. Basic monthly rents now for a 2 BR might even be in the $700-$750 range, which would make it closer to $975/mo if the full percent increase is approved. JEBUS CHRISCO!! Yeah - despite the cramped quarters, the nasty neighborhood hoodlums, and the 'trailer park trash' stigma, it's a lot cheaper owning in the 'hood (not to mention fuel costs are lower too). Does that mean we'll be in those walls forever? I hope not...but I do know that we likely won't go back to renting. :)
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