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IRAC sets maximum allowable P.E.I. rent increase for 2023

CHARLOTTETOWN, P.E.I. — P.E.I. renters may face a greater than 10 per cent enhance on their hire subsequent 12 months relying on how their house is heated after the Island Regulatory and Appeals Commission (IRAC) set the utmost allowable annual hire enhance for 2022.

IRAC has set the utmost allowable hire enhance to 5.2 per cent subsequent 12 months, or 10.8 per cent if the hire consists of oil warmth. 

The adjustments are efficient Jan. 1, 2023. Landlords are permitted to boost a tenant’s hire as soon as each 12 months and are required to offer tenants with three months’ written discover on an permitted kind earlier than the hire enhance can take impact.

IRAC mentioned the allowable hire enhance relies on the 2022 client worth index for P.E.I. and considers the prices of proudly owning and working a rental unit.

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