Yes, but it’s limited like everyone else landlords have been impacted by the consistent increases in mortgage rates recently; consequently, landlords are looking for options to increase rent as paying more and mortgage payments than what they earn rental income is becoming more common. However, with a few exceptions landlords are only allowed to increase the tenants rent once per year by the guideline amount set by the Ministry of Municipal Affairs and Housing.
And how much of an increase that allow for?
Permitted increase is reviewed and revised on an annual basis but in 2024 landlords can increase rent by 2.5%, while this may not be enough to make it unprofitable rental situation profitable it’s once allowed.
