In 2021, the maximum allowed rent increase has been set out by the province on Thursday, it will be less than half of what it was last year. This is after the province made changes to the rules in 2018.

Before this, the previous Liberal government allowed rent increases at the rate of inflation, plus two per cent.

In B.C. you are looking at an average two-bedroom unit's rent being $1,320. When you remove the two per cent, renters of an average apartment will save $317 next year. And for those in Vancouver, which is by far the priciest rental market in the province will save about $420, according to the province.

However, for manufactured-home park tenancies is also 1.4 per cent, along with a proportional amount for the change in local government levies and regulated utility fees.

Keep in mind that B.C. Landlords are only able to increase rent once per year, and must provide tenants with three full month's notice using the correct notice of rent increase form.

B.C.’s COVID-19 rent freeze remains in place until Dec. 1, meaning tenants who received a Notice of Increase for 2020 that would have gone into effect after Mar. 18 should continue to pay their current rent until Nov. 30.

If you would like to learn more about the 2021 rent increase rules, or for more details please do not hesitate to contact with RentYVR agents [email protected] or call us at 778.888.8862 and make an appointment, or please register to our VIP Client list and we will inform you about most of the real estate that can affect your investments portfolio.

Source: https://www.citynews1130.com/2020/09/03/rent-increase-bc-2021/

Image Source: https://dailyhive.com/vancouver/vancouver-home-ownership-income-affordability-april-2019