B.C. rent increase for 2024 capped at 3.5 per cent, below inflation

File photo of a rental building., which it says is below inflation for the second year in a row., so the maximum allowable increase for 2024 is 1.5 per cent higher than the year prior.

“Across the country, costs have been increasing – especially for housing – at a rate that’s unsustainable for many people,” said Ravi Kahlon, minister of housing. “We know that’s the case for both landlords and renters, and that’s why we’ve found a balance to protect renters while helping to keep rental units on the market.”

The government says the 12-month average inflation was 5.6 per cent, meaning the increase is still below that rate.Sign up for the CHEK Now daily email newsletter to get breaking news and the day's top stories sent to your email.The new maximum amount comes into effect on Jan. 1, 2024 and landlords must provide three-months notice to tenants. Rent can only be increased in B.C. every 12 months.

In a release, the government says prior to 2018, the annual rent increase rate was set at inflation plus two per cent, then for the past two years the government has set the rate below inflation. The two years before that, rents were frozen due to the COVID-19 pandemic. However, this may only be a short-lived policy as the government says it plans to return to setting the rent increase to be tied to B.C.’s Consumer Price Index in future years when “inflation returns to normal levels.”

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