2022 Rent Increase Announced

Announced in September, the provincially mandated rent increase freeze will expire January 1, 2022.

The Residential Tenancy Branch announced the 2022 maximum rent increase as 1.5%. This amount is based on inflation.

To ensure the rent increase is valid landlords must follow the appropriate processes noted below regarding form, timing and notice periods.

Landlords must use the "Notice of Rent Increase Residential Rentals Unit" #RTB-7 form. This form can be found on the Residential Tenancy Branch website here: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies...

The increase cannot take effect prior to January 1, 2022 and must be served 3 months prior to the effective date:

If notice is served on or before September 30; the increase will be effective for January 1, 2022.

If notice is served on or before October 31, 2021; the increase will be effective for February 1, 2022.

If notice is served on or before November 30, 2021; the increase will be effective for March 1, 2022.

We offer professional property management services in Osoyoos, Oliver, Keremeos and Okanagan Falls. Contact us today with any of your property management questions, we are happy to assist.

 

 

 

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