Posts Tagged ‘how much can I raise the rent?’

B.C. Landlords Ask: How Much Can I Raise the Rent in 2014?

Sunday, October 13th, 2013

October 13, 2013

How much can i raise the rent in 2014

B.C. Landlords Can Raise the Rent 2.2% in 2014

More and more B.C. homeowners are creating secondary suites in their homes and becoming landlords.

There are lots of things new landlords need to learn to become successful. One of these is making sure you keep your rental property maintained. 

Maintaining Your Rental Property Is Important

Keep your property up can be costly. Some repairs are urgent and obvious. A water pipe might break. A toilet might need to be replaced.

Others might be upgrades to keep your current tenants happy or to make the property attractive to new prospective renters.

How Much Can I Raise The Rent In 2014?

Rent increases are an important part of being a landlord. In 2013 B.C. landlords are allowed to raise the rent 3.8 percent.

In 2014 B.C. landlords can raise the rent by only 2.2 percent.

Why only 2.2%?

In British Columbia the allowable rent increase is based on inflation plus 2 percent.

According to the BC Residential Tenancy Act website:

Annual rent increase

22 (1)  In this section, “inflation rate” means the 12 month average percent change in the all-items Consumer Price Index for British Columbia ending in the July that is most recently available for the calendar year for which a rent increase takes effect.

(2)  For the purposes of section 43 (1) (a) of the Act [amount of rent increase], a landlord may impose a rent increase that is no greater than the percentage amount calculated as follows:

percentage amount = inflation rate + 2%

How Does The B.C. Rent Increase Compare to Other Provinces?

While the rate is low compared to past Rent Increase Guidelines, we are actually getting a pretty good deal in B.C. compared to some other provinces.

Many B.C. landlords aren’t aware that while our Rent Increase Guideline is inflation plus 2 percent most other provinces are only based on the inflation rate.

For example in Ontario landlords can only raise the rent 0.8% in 2014.

In Manitoba landlords can only raise the rent by 2.0% in 2014.

For Landlords From Vancouver to Surrey, To Discuss the 2014 Rent Increase Guideline and Other Landlord Issues Take a Look at the B.C. Landlords Forum

BC Landlords Can Raise the Rent 3.8 % in 2013

Monday, September 10th, 2012

September 9th, 2012

How Much Can A Landlord in BC Raise the Rent Next Year?

British Columbia landlords can raise the rent by up to 3.8% in 2013.

How Does That Compare with 2012?

In 2012 the maximum allowable increase was 4.3%.

How is the Rent Increase Guideline Calculated?

The rate is based on inflation plus two per cent.

How Does This Compare to Other Provinces?

In Ontario, landlords are faced with the 2013 rent increase being capped at 2.5%

How Do I Give My Tenants Notice I’m Going to Raise the Rent?

Rent increase documents are available from government Residential Tenancy Branch here

What Does the BCLA Recommend Landlords Due Regarding the Rent Increase Guideline for 2013?

We recommend BC landlords raise the rent the maximum amount of 3.8% in 2013.  With an election on the way, the rent increase may be much lower, or even capped, in the near future.

How much can I raise the rent in 2011?

Tuesday, February 8th, 2011

Q.  How much can I raise the rent in 2011?

A. The Annual Guideline for 2011 is 0.7%

The Toronto Sun: Ontario Rent Hike Lowest in 35 Years

Thursday, January 6th, 2011

Ontario’s rent hike lowest in 35 years

By ANTONELLA ARTUSO, Queen’s Park Bureau Chief
Last Updated: January 2, 2011 5:20pm

Ontario rents will be allowed to edge up by only 0.7% in 2011.

It is the lowest increase in the 35-year history of the province’s rent guideline — the maximum annual rent increase allowable without seeking special approval from the Landlord and Tenant Board for a heftier hike.

“The McGuinty government is providing real protection for tenants by linking the rent increase guideline to the Ontario Consumer Price Index which prevents routine rent increases above the rate of inflation while ensuring landlords can recover increases in their costs,” said Liberal cabinet minister Jim Bradley.

Stuart Henderson, a moderator with the Ontario Landlords Association, which typically represents property owners with less than five units for rent, said the tiny increase has many of the group’s members wondering if they can afford to stay in the business.

“We’re the ones that are paying all these new costs — the price of gas, hydro, the HST — and then we kind of get kicked in the stomach with a 0.7% increase,” he said. “It leaves kind of the worst landlords in the market, people who are renting out fire traps, illegal places.”

The next provincial election will be held in October, and Henderson said the McGuinty government is clearly currying favour with tenants.

“It’s political opportunism,” he charged. “We feel that the McGuinty government is trying to protect against a backlash from tenants in Toronto.”

Geordie Dent, executive director of the Federation of Metro Tenants’ Associations, said landlords may be complaining now but they weren’t protesting when the province allowed yearly increases in the range of 5% in the 1990s.

The recession has been very hard on many tenants, and unemployment in Toronto continues to hover at about 10%, he said.

”It’s not renting out a movie at Blockbusters — it’s people’s housing,” Dent said. “Any increase right now during this difficult time is hard for any tenant.”

Also, Ontario does not have “real” rent control because the landlord is only obliged to follow the guideline for an existing tenant, he said.

“If you move into a unit, though, a landlord can charge you whatever he wants,” Dent said. “The last tenant could have been paying $500 a month and they can charge you $2,000.”

http://www.torontosun.com/news/canada/2011/01/02/16734661.html