Rental Annual Increase 4.3% in B.C 2012/2013, Can be more than that?

[Ychx]

Hi, All,



I am renewing my tentant rental agreement for next year 2012/2013. What annual percentage increase is applicable in B.C?



I check the goverment web site, it allows only 4.3%. Anybody can tell me if I can increase more than that ammount? if yes, you are using what as benchmark?





Allowable Rent Increases for 2012

September 1, 2011


Conventional Residential Tenancies:

• For a conventional residential tenancy rent increase that takes effect in 2012, the allowable increase is 4.3 per cent.
• The annual allowable rent increase for conventional residential tenancies is determined by the formula in the Residential Tenancy Regulation.
  Section 22 of the Residential Tenancy Regulation establishes the annual rent increase formula at inflation plus two per cent. The regulation defines the inflation rate as the `12-month average percent change in the all-items Consumer Price Index for British Columbia ending in the July that is most recently available`. The Consumer Price Index is published by Statistics Canada.

I had better have something to explain to my tenants.



Thank you very much!

 

[Thomas Beyer]

Why do you think you are outside the provincial rules ? Why do you think 4.3% is low ? I also do not like some laws, but I operate within them.

 

[tnguyen]

If your rent is at the market value, then you're better not increase the rent. Otherwise, you are expecting vacancy for your unit.

 

[invst4profit]

This is a existing tenant that is renewing their lease. In order to keep up with the market rent it will be necessary to raise the rent the allowable 4.3%.

When facing provincial rent controls losing a tenant is not necessarily a bad thing. If your rents have fallen behind it is a opportunity to catch up or to make improvements that will allow even higher rents.