The BC Annual Rent Guideline Formula Has Changed. It Is Now “Inflation Rate Only”
The BC government has made a significant change in the way residential landlords can raise the rent for existing tenants.
Previously, landlords could raise the rent by the inflation rate + 2%. Thus, the 2019 rent increase guideline used to be 4.5% but no longer.
Things have changed and the new allowable rent increase guideline is 2.5%. This is a big challenge for small landlords who are already struggling to keep up with rising costs.
These costs are often not included in the standard formula to come up with the ‘inflation rate.’ The added 2% helped protect landlords from rising costs of contractors, taxes, and many other items. It was even viewed a fair model for raising rents in other provinces looking to improve their rental industries.
BC landlords make sure you know the new rules. It’s more important then ever before to make sure you find good tenants.
And even when you find good tenants you need to know how to deal with any problems or situations that might occur as it will be more difficult now to keep up with rising costs.
Tags: bc landlord laws, bc landlord rights, rent increase formula
