The government of British Columbia has announced a 3.5% increase in house rents for 2024. This increase will take effect on or after January 1, 2024. The BC government sets a maximum allowed rent increase every single year, to stabilize tenants from abrupt soaring prices of house rents. This also allows the landlords to manage the rent prices with inflation and increasing Cost-of-living expenses.
Landlords must give a prior notice of rent increase to the tenants before 3 months. The prior notice must be given in a handwritten form by the landlords. For example: if the rent increase is set to take place on June 1, 2024, then the tenants must be notified on March 1, 2024.
The notice must be approved by the Residential Tenancy Branch (RTB), with the increased amount and the date on which the rent increase will take place.
BC Annual Rent Increase by 3.5% in 2024
To calculate the increased rent, multiply the present rate by 1.035 (3.5%). For example if the current rent is $1,100 per month, the new increased rent will be $1,100 x 1.035 = $1,138.5 per month.
Highlights of BC Rent Increase in 2024
| Article Name | BC Rent increase in 2024 |
| Country | British Columbia |
| Increased rate of rent in 2024 | 3.5% |
| Post Category | Finance |
| Learn more about rent increase in 2024 | rent increase |
How to determine the rent increase limit?
Consumer Price Index (CPI) determines the rent increase limit. To maintain the basic demand of landlords and tenants, the government increases the rent price after estimating the rate of inflation.
Rent increase dispute
If the increased rent is higher than the allowable rent increase then the tenants can file a dispute in the Residential Tenancy Branch (RTB). Even if the notice was not given on time, then they can apply for a dispute. But, the dispute must be filed within 30 days, after receiving the notice.
| Home Page | https://www.easthamptonchamber.com/ |
FAQs For BC Annual Rent Increase by 3.5% in 2024
3.5% is the rate of rent increase in 2024. It was calculated after measuring the rate of inflation.
At Least 3 months of prior notice must be given to the tenants.
Rent increase didn’t take place in 2020-2021, to support the tenants during the COVID-19.
Riya Claire is the Editor-in-Chief of the East Hampton Chamber Portal. She holds a degree in Mass Communication, an MBA in Finance, and a diploma in HR, making her a versatile professional for an online portal