Rental Reality: BC Government Approves 3.5% Rent Increase for 2024 - Striking a Balance!

In 2024, British Columbia landlords can increase rents by 3.5%, up from the 2% cap in 2023. BC government believes this balances tenant affordability and landlords' ability to maintain properties. Though the hike is below the current 5.6% inflation rate, it addresses concerns from both sides. Housing Minister Ravi Kahlon noted the need to balance protections for renters with keeping rental units available. Landlords must give tenants a three-month notice for rent hikes, using a provincial form, and can only increase rent once a year.

Some people believe landlords should not expect tenants to cover all costs, while others mention challenges like high ownership costs and the difficulty of balancing rent increases with expenses. Share your opinion with us!