2024 Ontario Rent Increase Limits{2024}
Ontario’s 2024 Rent Increase: A Closer Look
For 2024, the Government of Ontario has set a 2.5% annual rent increase guideline. This percentage serves as the maximum limit for landlords, applying to rental properties not exempt from rent control or facing applications for increases beyond the guideline submitted to the Landlord and Tenant Board.
Under the Residential Tenancies Act, landlords can implement one rent increase per year, provided they give a valid written notice at least ninety days before the increase. It’s worth noting that the 2.5% guideline is notably lower than the average inflation rate of 5.9%, as highlighted in the government’s announcement.
This article delves into the details of the Ontario Rent Increase 2024 guideline, exploring the allowable increase and providing insights for tenants and landlords.
Ontario’s 2024 Rent Hike