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CHARLOTTETOWN, P.E.I. — P.E.I.’s director of residential tenancy has introduced the utmost annual allowable hire enhance will likely be set at three per cent on all rental models.
With the change, a landlord can apply for as much as a six per cent hire enhance so long as a three-month discover is given and the hire is elevated just one time in a 12-month interval.
The change is efficient Jan. 1, 2024.
The director stated the Residential Tenancy Workplace has thought-about the components set out within the Residential Tenancy Act, together with the legislated three per cent restrict on annual hire will increase and 106 written submissions from landlords and tenants.
The director has additionally thought-about the province’s year-over-year share change in all-items Shopper Worth Index (CPI) supplied by the fee at 6.1 per cent.
Landlords should have to observe the usual process to use for a hire enhance larger than the allowable quantity of three per cent.
Extra data will be discovered online.