If your rent was $700 in 2011, the increase in 2012 will be 3.1% X $700.
Your new rent in 2012 after your renewal will be $721.70 each month
The other bad news is that other increases approved by the Landlord Tenant Board could also be added to the 3.1% Guideline increase and your 2012 Rent Increase could actually be higher than the Guideline 3.1%.
For most tenants this won't be the case. Most extra increases are due to capital or major improvements done to apartment buildings and passed on to tenants through the Landlord Tenant Board.
There is also a limit on overall rent increases in any given year passed on to tenants caused by the guideline rent increase, capital improvements and any other factors.
