A Resource for

Landlords in British Columbia

 

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Owning rental property is a great concept for building wealth, but requires a lot of hard work, patience and planning. 

 

Rent Increases

You can increase your Tenant's rent each year up to, but not greater than, the percentage equal to the inflation rate plus two percent. The allowable rent increase for each calendar year is available on the Residential Tenancy Branch's website.  For 2017, the allowable rent increase is 3.7%. 

Example:

Your Tenant's current rent:

$700.00

2017 allowable increase (3.7%)

$25.90

The new rent would be

$725.90

If you charge an amount higher than the allowable amount, the Tenant does not have to pay the excess rent unless the Tenant has been served with a dispute resolution officer's order allowing the rent increase.

The Rules

The notice must be served three full months before the rent increase takes effect. For example, Jane moved into an apartment on February 1, 2016 and pays rent of $700.00 per month.  The Landlord serves her a Notice of Rent Increase by registered mail on October 20, 2016 to pay rent of $725.90 beginning February 1, 2017.  This rent increase was done in accordance with the Act.

If a Tenant has paid an increase that was higher than the permitted amount, the Tenant may deduct the amount from future rent. 

To raise the rent above the permitted amount, the Landlord must have either the Tenantís written agreement or an Residential Tenancy Branch order.  The Landlord has the burden of proving any claim for a rent increase of an amount that is greater than the prescribed amount. The Tenant will have an opportunity to appear at the hearing of the application, question the Landlordís evidence, and submit their own evidence.

 

 

Smart Landlord Tip

A good Landlord is an educated one; one who knows the rights of their Tenant and their own.

 

More Articles for Landlords

►► Are You Cut Out To Be A Landlord?

►► Writing A Killer Classified Ad

►► Hiring A Property Manager

►► Rental Forms and Samples

►► Avoiding Bad Tenants

►► Reference and Background Checks

►► Selling A Tenanted Property

►► Renovated a Tenanted Property

 

 

 

Home   |   Rental Forms   |   Getting Started   |   Due Diligence   |   Renovations   |   Selling   |   Evictions   |   Disputes

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