The B.C. Residential Tenancy Branch (RTB) has set next year’s maximum allowable rent increase on conventional residential tenancies at 2.2 per cent.
Determined annually by the RTB, this figure applies to rent increases that take effect in 2014. Landlords planning to raise rent must give tenants three months notice using the RTB’s Notice of Rent Increase Form. By comparison, the allowable rent increases in B.C. were 3.8 per cent in 2013 and 4.3 per cent in 2012.
Landlords wishing for a larger increase can apply to do so through the Residential Tenancy Branch, but must provide the RTB with a valid reason for the intended increase, such as having performed significant renovations on the property.
Tenants take note: landlords in B.C. cannot retroactively apply rent increases for previous years during which they did not apply an increase.
For more information, visit the Residential Tenancy Branch website at http://www.rto.gov.bc.ca/
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