Only once since 1995 has regulator given the green light to such a large single increase
Starting Jan. 1, 2013, landlords with heated residential properties can charge an additional five per cent more per month while rent for unheated units can increase three per cent.
The Island Regulatory and Appeals Commission has approved the following increases, effective Jan. 1, 2013:
• The maximum allowable percentage rent increase for 2013 for heated premises shall by five per cent;
• The maximum allowable percentage increases for 2013 for unheated premises shall be three per cent;
• The maximum allowable percentage rent increase for 2013 for a mobile home park shall be one and a half (1.5) per cent.