We recommend that we discuss this yearly with the Property Owner.
Three or four months before the anniversary date of the Tenant’s lease, we will contact the Property Owner with our recommendations regarding a rent increase. Once the Property Owner has made a decision, we will inform the Tenants of the rent increase amount and timing.
For residential leases, the rent can only be raised by the guideline set out by the Residential Tenancies Act. The Landlord has the option to raise the rent to the guideline or less or not at all.
If appropriate, when a unit is vacant, we will make a suggestion to the Property Owner about ‘adjusting to market rates’ prior to listing that specific unit for rent.