A new report from the Federation of Rental-Housing Providers of Ontario (FRPO), compiled by KPMG, reports that the rental housing industry contributed more than $18.3 billion to Ontario’s gross domestic product in 2012.

Released on Jan. 8, the Bringing it Home report says That the industry has created 147,000 full time jobs and is generating $7 billion in tax revenues.

The paper also goes on to propose additional policies to strengthen the Ontario rental industry, such as the of removal rent control.

The FRPO states that since more than half of all rental buildings in the province were built prior to 1970, many now require renovations and repairs to remain habitable. It states that current rent controls suggest that, moving forward, the cost of management, maintenance and repairs will not be aligned with rents. As such, the organization recommends that rent controls be removed altogether.

“An improved regulatory environment that encourages future investment can help secure the economic activity, tax revenue, jobs and personal earnings created by rental housing,” says Mike Chopowick, acting president and CEO of the FRPO.

The report also calls out the province’s existing rent dispute process, which can take more than 90 days to complete and cost landlords more than $4,400 per case. As it stands, the existing policy can also add to a tenant’s accumulating debt. It states that changes to rent dispute processes in other provinces has resulted in shorter delays and reduced costs.

In addition, it says that Ontario’s Municipal Act allows municipalities to apply licensing taxes on rental homes, which translates to expensive fees for tenants and challenges for landlords. The FRPO goes on to propose a rental housing licensing tax exemption.