Raising rent. When, how, why? Raising rent was a big deal a couple of years ago in Calgary and other markets when the economy was booming. Rents were going up like crazy and it was definitely a landlords market with rents doubling in some cases. That’s not the case these days. Average rent have come down and a lot of places are offering incentives to move in like free internet for a year. Looking at our data in October here is the average rent for some key markets (Rent Spot Data, Oct 2010, 2 bedroom apartment for rent):
- Calgary – $1,065
- Vancouver – $947
- Edmonton – $910
- Saskatoon – $863
When we pulled Rent Spot data in 2008, the average rent for a 2 bedroom apartment in Calgary was $1,409. So we’ve come down $344 (24%) in rent! That’s a lot! Whether you are looking for Edmonton rentals or Vancouver apartment rentals, now is a good time for renters!
On the flip side, when can a landlord raise rent?
It is all over the map depending on what province you live in, here are some:
Alberta
There are no rent controls in Alberta. Rent can only be increased if there has not been a rent increase within the previous 365 days or since the start of the tenancy, whichever is later. Before the rent can be increased the landlord must give written notice, check with Residential Tenancy Act for more details.
British Columbia
British Columbia has rent control. Landlords must use the approved form “Notice of Rent Increase” and give the tenant 3 month’s notice to increase rent. Tenants cannot dispute the rent increase unless the increase is more than the allowable amount.
For manufactured home park tenancies, landlords can also recover costs due to increased utility fees and property taxes as long as increases are distributed proportionately among tenants. In this situation, landlords must provide tenants with copies of the receipts and tax notices that justify the rent increase.
Saskatchewan
Landlords must give six months written notice of a rent increase for a periodic tenancy. Rent may not be increased during a term lease except increases specified in the agreement. Tenants may apply to the Office of Residential Tenancies to enforce their rights if proper notice was not given.
Other provinces vary, you can check with CMHC, they have good detail on what applies to your province. So whether you are looking for Saskatoon apartments, houses for rent in Vancouver or condos for rent in Edmonton it is good to know when your rent might be increasing and the laws that govern them.