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Surrey Landlords: Rent Increase Guideline 2014

January 3rd, 2014 · No Comments · Rent Increase Guideline 2014, Surrey landlords

 Surrey landlords Rent Increase Guideline 2014

Are you going to raise the rent this new or avoid raising it for your current tenants?

We hope everyone had a very happy holiday and you have our best wishes for a prosperous and successful new year.

There were lots of challenges in 2013 and we hope to provide news, advice, and networking to help Surrey landlords have a tremendous 2014.

British Columbia Rent Increase Guideline 2014

Lots of landlords are asking how much they can raise the rent in 2014.

The Residential Tenancy Branch of the provincial government shows we are allowed to raise the rent by 2.2% in 2014.

Here’s an example of how you calculate the rent increase

Tenant current rent:

$700.00

2014 allowable increase (2.2%)

$15.40

Tenant new rent

$715.40

I think the rent increase is far too low!

You are not alone.

We wrote about this when the guideline was first announced.

It’s natural for most BC landlords to compare our rules and laws for the landlord and tenant industry to those across the border in Alberta.

And, yes, you can take a look and see Alberta landlords can raise the rent as high as they like (as long as they provide proper notice and only raise the rent one time every 365 days).

On the other hand it might make you feel better if you look at what Ontario landlords face.

The government there only bases the rate on inflation.

They don’t take into consideration the extra costs landlords face that might not be included in the normal inflation index (In British Columbia the government allows us to add 2% to the increase).

Many Ontario landlords are not happy as this Toronto Sun column illustrates.

It’s there second lowest rent increase since the 1970s (when inflation was much higher than it is now).

You can read for yourself what Ottawa landlords think.

Policies in British Columbia look good in comparison.

Will You Raise the Rent?

If you look in Kijiji and other sites advertising rentals you can see a lot of places are on the market for rent.

This may lead to some indecision for Surrey landlords to ask themselves: “Should I raise the rent?”

Vacant Rental Units

Landlords around the province have noticed the increased difficulties in renting to good tenants compared to only a couple of years ago.

A recent news report show Nainamo Daily News says landlords are finding it very competitive to find new tenants and many are making sure they keep the tenants they have.

Rent Control

We think in most cases it’s important to raise the rent each year.

British Columbia has rent control so if you miss one year it can be impossible to keep up with growing costs.

Explain Things To Your Renters

Here’s some helpful tips to explain to your tenants why you are raising the rent:

1. You only raise the rent once a year and the amount is reasonable

2. The extra rent allows you, the landlord, to maintain the property

3. The rent increase also allows you to pay off ever increasing costs as rising taxes

4. By raising the rent it allows you to stay being a landlord

5. If the tenants move to a new property the landlord can charge whatever they can get (no rent guideline)

Getting Ready for a Successful New Year

Landlords across BC face both challenges and opportunities in this new year.

Keep reading and we look forward to hearing from you.

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