Rental Corner: Who is Eligible for Rent Increase?

The Residential Tenancy Branch has just announced an allowable rent increase of 3.5%, effective January 1, 2024.  This is considerably a more reasonable increase compared to the 2% allowable rate this year. 

An investor owner is only allowed to issue a rent increase to the tenants once a year for the anniversary date of the tenancy.   However, if the rent increase notice was delayed for its issuance last year and past 12 months, the rent increase can be issued any time after that.  The effective date of the first of the month will become the new anniversary date for future rent increases.

Rent increase notices can be served any time, at least 3 calendar months prior to the effective date.  Regardless of when you serve during the month, the effective date will still be on the first day of the 4th month.   Example:   Whether the notice of rent increase is served on September 2nd or on September 24th, the effective date of the rent increase will still be on January 1, 2024.  Another point is to follow the strict guidelines of the Residential Tenancy Act to ensure the notice is legally served to be enforceable.

The prescribed form by the Residential Tenancy Branch must also be used to issue the notice of rent increase. 

If you are interested in our RHOME Property Management services, please do not hesitate to contact us at 604-591-6060.