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.