BC caps maximum rent increase to 3.5 per cent
At a glance (1 minute read)
- Starting January 2024, BC landlords can only raise rents by a maximum of 3.5 per cent.
- This cap is lower than the 5.6 per cent 12-month average inflation rate and applies to increases with an effective date on or after January 1, 2024.
- Rent increases must be preceded by a three-month notice to tenants, and landlords can only increase rent once every 12 months.
Starting in January 2024, landlords can raise rents a maximum of 3.5 per cent.
This rent cap is below the 12-month average inflation rate of 5.6 per cent and applies to rent increases with an effective date on or after January 1, 2024.
Landlords choosing to increase rent must provide a full three months’ notice to tenants using the Notice of Rent Increase form. BC landlords can increase rent only once every 12 months
“Across the country, costs have been increasing — especially for housing — at a rate that’s unsustainable,” said Ravi Kahlon, minister of housing, in a government news release. “We’ve found a balance to protect renters while helping to keep rental units on the market.”
A new report from rentals.ca found the average rent for a one-bedroom apartment in Vancouver had risen to $2,988, an increase of 13.1 per cent over 2022.
In 2023, to protect renters from high inflation the provincial government capped rent increases at two per cent — below the 5.4 per cent inflation rate.
A rent increase freeze was in place in 2020 and 2021 to support renters during the COVID-19 pandemic.
Before 2018, the annual allowable rent increase was based on the inflation rate plus two per cent.
After a recommendation by the Rental Housing Task Force, the rent increase was reduced to the inflation rate.
- Learn about the history of rent increases in BC from 2005 to present.
- Learn about rent increases – when landlords can increase rent, notifying tenants and more.
- Read the government news release about the allowable rent increase for 2024.