Announced this week, the BC Government has issued the maximum 2023 rental increase amount at 2%.
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, 2023 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, 2023.
If notice is served on or before October 31, 2022; the increase will be effective for February 1, 2023.
If notice is served on or before November 30, 2022; the increase will be effective for March 1, 2023.
Information regarding timelines and methods of serving notice can be viewed here: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies/during-a-tenancy/serving-notices-during-tenancy
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