On Monday morning, the province announced the allowable rent increase for 2024. Minister of Housing Ravi Kahlon announced the allowable rent increase for 2024 will be 3.5%.
“Across the country, costs have been increasing — especially for housing — at a rate that’s unsustainable for many people,” said Ravi Kahlon, Minister of Housing.
“We know that’s the case for both landlords and renters, and that’s why we’ve found a balance to protect renters while helping to keep rental units on the market.”
In 2022, the allowable rent increase was set at 2%.
Kahlon also mentioned that the rent cap of 3.5% is well below the 12-month average inflation rate of 5.6%. Before 2018, the annual allowable rent increase was based on the inflation rate plus 2% but that was reduced to just the inflation rate following a recommendation by the Rental Housing Task Force.
The BC government proceeded to freeze rental increases in 2020 and 2021 due to the COVID-19 pandemic.
“With renters facing a possible rent increase of almost 6%, the government listened to the voice of renters and acted, and I’m so glad they have,” said Spencer Chandra Herbert, Premier’s Special liaison for Renters, former chair of the Rental Housing Task Force and MLA for Vancouver-West End.
“We also know people renting out homes are facing increased costs and want to make sure they continue to make places available for long-term renters.”
Landlords must give tenants a full three months’ notice before increasing rent.