XN000022-1973-10-19 — Page 3

2

Friday, October 19, 1973

The amount of increase, other than that privately agreed between

the landlord and the tenant, will be determined by the Commissioner of

Rating and Valuation on application by the landlord for a certificate.

The increase will be the difference between the existing rent

and the fair market rent divided by the factor five, but not exceeding

21 per cent of the existing rent.

For example:

(1) Fair Market Rent

Existing Rent

Difference

11

tr

$900 per month excluding rates

$600

Er

EL

permitted increase

(2) Fair Market Rent

$300 5 = $60

$1,400 per month excluding rates

Existing Rent

Difference

$600

1

TI

#F

$8005 $160

=

FI

But 21 per cent of the existing rent ($600) is

$126. The permitted increase is $126.

The fair market rent will be that considered to be reasonable

at the time, taking all relevant rental information into consideration.

The landlord of premises not let on the date of enactment of the

legislation will be able to negotiate freely a rent with his tenant.

rent of premisca re-let after the enactment will however be limited to the

fair market rent as assessed by the Commissioner.

For subtenants, the rate of rent increase will generally follow

that paid by the principal tenant but again cannot exceed 21 per cent

of the existing rent except by agreement.

/However,