Biggest Rent Increase in 8 Years
(January 15, 2012
)
Our Residential Tenancy Regulation sets the maximum rent increase, that landlords can increase on tenants each year. This year, that figure is 4.3%. The highest it has been in 8 years. Last year was 2.3%.
Why is it this high? The formula for setting the maximum percentage is [ Inflation Rate + 2% ]. That's right, annual inflation rate jumped up, and since vacancy rates continue to drop in Vancouver, seems like landlords can afford to raise their tenants rent this year.
Why is it this high? The formula for setting the maximum percentage is [ Inflation Rate + 2% ]. That's right, annual inflation rate jumped up, and since vacancy rates continue to drop in Vancouver, seems like landlords can afford to raise their tenants rent this year.
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