A few reasons why landlords increasing rents
Why is your rent increasing?
We have been landlords in the Cowichan Valley for the past 20 years. Here are examples of how our fixed costs have increased in the past five years:
1. Property tax 38 per cent, due to increases in both the mill rate and assessment value (no new additions to the property)
2. Insurance 68 per cent
3. Hydro 31 per cent. We pay…are the renters using more?
4. Water 38 per cent
5. Snow removal 32 per cent (fortunately not required annually)
6. Filters 22 per cent
We consider ourselves lucky when we hear the horror stories from other landlords. Our worst case scenario over the 20 years was a couple who left us with damages of approximately $2,500 and their “well behaved” dog chewed one of the Live Edge window sills.
These expenses do not include maintenance, our time, or the gas to drive to the rental property. Do we need to remind anyone mortgage rates are also increasing?
Rick and Heddy Weston
Shawnigan Lake