Today the Residential Tenancy Branch (RTB) released 2020’s maximum rent increase percentage as 2.6%. In their release, which can be read in full here, the RTB sets out the rent increase and speaks to their commitment to improving the outdated and underutilized above regulation rent increase process that is currently in place.
Since September of 2018 the RTB has engaged LandlordBC in a robust series of conversations on what needs improvement regarding the current system of above regulation rent increase. Primarily this conversation has focused on creating a system whereby landlords can apply for additional increases to cover capital expenditures.We will continue to keep our members informed on any developments on this front.
Like many processes in this industry there is a mandatory government form, notice period and timeframe that must be considered. LandlordBC has published an easy to use guide to rent increases on our site and we have included the guide here.
Source: Landlord BC