Allowable Rent Increase 2024 – Set at 3.5%
The BC Government has capped the maximum allowable rental increase at 3.5 percent for 2024.
Many strata corporations have units that are owned by the strata and a common asset shared by the Owners. These “strata owned suites” are typically rented out to building managers or others and the rental income is included in the strata corporation’s annual revenue.
Strata Councils should be aware of the allowable rent increase and provide proper notice to their Tenants. Three (3) full rental months’ notice must be provided to tenants and Councils must ensure the tenancy term has been a full 12 months.
For Councils in a position to increase rent for January 1st, 2024, decisions need to be made in September so Notice can be provided for October, November, and December.
The Wynford Office will be in contact with all Councils that have “strata owned suites” to obtain direction for rent increases.