The 2005 rent increase guideline is 1.5 per cent, effective Jan. 1, 2005.

Under the Residential Tenancies Act, tenants must be given proper written notice at least three months before the rent increase takes effect.  A notice to increase rent must meet the requirements of The Residential Tenancies Act  The branch provides rent increase forms for landlords to use.  In most circumstances, rents can only be increased once a year. The guideline applies to rented residential apartments, single rooms, houses and duplexes.

There are some exceptions to the guideline. These are:

• premises renting for $1000.00 or more per month as of Dec. 31, 2004;
   
• personal care homes;
   
• approved rehabilitated rental units; and
   
• new buildings less than 15 years old where an occupancy permit was first issued or a unit was first occupied after April 9, 2001.

   

Tenants can object to any increase in rent regardless of whether it is at, below or above the guideline. Landlords can apply for a larger increase if they can demonstrate that the guideline amount will not cover cost increases they have incurred.

The economic adjustment factor for 2005 is 0.8%. The economic Adjustment Factor helps to offset the costs of inflation.