Daphne Bramham: B.C.?s two-tier system of rent control needs to change
Quote:
It’s nonsensical that the B.C.’s Residential Tenancy Act doesn’t protect renters with fixed-term leases from exorbitant annual rate hikes.
It would be one thing if, on principle, the government refused to control residential rents. But it doesn’t and it hasn’t.
Since 2002, British Columbia has had a two-tiered system where fixed-term renters get no protection, while those who rent month-to-month do. The legislation restricts landlords with monthly renters to a set annual increase. This year, the cap is 2.5 per cent.
Yet landlords who have the benefit of long-term tenants get the added bonus of being able to set whatever price they want when the term is up. It can lead to gouging, particularly now when the vacancy rate in Vancouver is virtually zero.
It means that renters are left with a lousy choice: Take a short-term rental and risk being asked to leave with only 30 days’ notice or sign a lease and risk having the rent skyrocket at the end of the term.
There are egregious examples of this price gouging, as The Sun’s Bethany Lindsay has reported.
When Adam Saint’s yearlong lease was nearing its end, the West End building’s owner Gordon Nelson Inc. jumped the price to $1,850 from $1,550. That’s close to a 20-per-cent increase and eight times what landlords with monthly tenants are allowed.
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full article available at the above link
Holy shxt... so my family has been doing it wrong all these years. We always sign fixed term leases with our tenants, but have always thought the annual rent increase ceiling applies as well.
Moral of the story:
1) always sign a fixed term lease with your tenant
2) set a 100% rent increase if you want to kick them out when the contract term ends
