Government Announces 2024 Rent Increase Guideline
The Government of Ontario has set the annual rent increase guideline for 2024 at 2.5%. The guideline is the maximum percentage that a landlord may increase the rent for a rental unit that is not exempt from rent control or the subject of an above guideline rent increase application to the Landlord Tenant Board. The Government acknowledges in its announcement that the increase is well below the average inflation rate of 5.9%, as the Residential Tenancies Act caps the allowable increase at 2.5% in any given year. Rent may be increased once every 12 months and must be proceeded by a proper written notice that is given a minimum of 90 days in advance of the increase. If you have any questions on this bulletin or any other matter, please reach out.