NEW ALLOWABLE RENTAL INCREASES FOR RENOVATIONS ETC.
NEW ALLOWABLE RENTAL INCREASES FOR RENOVATIONS ETC.
Sweeping new laws for you as landlords and tenants to study. The legislation intends to help landlords to recover extraordinary and necessary expenditures through rent increases (capped at 3% per year over 10 years) and dispute resolutions. A quick glance raises SOME question in my mind…a more detailed study of the doc is needed.
For instance, on “Ineligible expenditures” it states: “ A) Repairs needed as a result of inadequate repair or maintenance by the landlord. B) Expenditures where the landlord has recouped the cost from another source.” I mean who decides?
You can find it here: https://news.gov.bc.ca/releases/2021AG0101-001278