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BC Landlord Question: How Much Can I Raise the Rent in 2015?

July 29th, 2015 · No Comments · BC landlord rent increase 2015, BC Landlords Association, Latest News

BC landlords rent increase 2015

BC landlords know the importance of renting to good tenants.

And we know the important of collecting rent on time. There was a question on the BC Landlords forum about raising the rent. The landlord said she wanted to raise the rent on her tenants because her cost of doing business had increased this year. Everything from plumbers, to electricians to taxes keep going up.

We also know our business costs are rising every year and we need to keep the rent up to at least try to cover these increasing costs.

This is why we are interested in what the government rent guideline is because the province of British Columbia has what is called ‘rent control’.

What is Rent Control?

This means the government has their hands in our industry and can tell us what we can and cannot do, including how much we can raise rents for current tenants in our properties. Alberta landlords do not have rent control. This means they can raise the rent as much as the markets say they can. It’s a very fair system that is based on simple “supply and demand.” With a new NDP government, there is talk that Alberta landlords could be subjected to rent control.

How Much Can BC Landlords Raise the Rent in 2015?

According to the BC Landlords Association, British Columbia landlords can raise the rent only 2.5% in 2015.

How Do They Come Up With the Rent Increase Amount?

The percentage is based on inflation plus two per cent.  While the yearly rental increase cap is meant to be the maximum amount rents can go up,  most landlords usually opt to raise rents by the full rate.

A 2.5 per cent increase means rent on a $1,000-per month one bedroom apartment will go up by 25 dollars a month, or $300 a year.

How Much Was the 2014 BC Rent Increase?

In 2014 BC landlords could raise the rent by only 2.4%

How Much Can Landlords in Other Provinces Raise the Rent in 2015?

Ontario landlords can only raise the rent 1.6% in 2015. As we wrote earlier Alberta landlords are lucky enough to not have any guideline as long as they provide their renters with proper notice of the new rent.

My Costs As A Landlord Are Higher Than 2.5%!

This sentiment is shared by many landlords, especially small landlords who are on tight budgets, have mortgages to pay, and spend money to maintain their properties.

Unfortunately, instead of focusing on high taxes, gas and electricity costs, rates for contractors, plumbers and electricians, it’s easy for the government to blame landlords for rising costs.

What If My Tenants Disagree With the Rent Increase?

We recommend you talk to your tenants and explain the real situation small landlords face.

Explain your increasing costs and that you are running a business. Most good tenants will understand and appreciate your explanation. This is why it’s so important to rent to good reasonable tenants and why tenant screening, including running a BC landlord credit check on your tenants is essential!

BC Landlords Can Raise the Rent 2.5% in 2015

Make Sure You Rent To Good Tenants Who Will Understand Why You Need To Raise The Rent For Your Rental Business!

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