Regulators are looking for advice about rent increases on P.E.I.
Residential tenants, landlords and the general public are invited to provide written comments on what the maximum allowable rent increase should be for 2020.
Written comments must be received by Friday, July 26, and can be emailed to firstname.lastname@example.org or delivered or mailed to the director of Residential Rental Property, 5th Floor, National Bank Tower, 134 Kent St., P.O. Box 577, Charlottetown, P.E.I., C1A 7L1.
The Island Regulatory and Appeals Commission is responsible for setting the allowable rent increase for the coming year.
Rent increases are governed by the Rental of Residential Property Act which states that rent can only be increased once a year and must not exceed the allowable amount set each year by the commission.
To determine the allowable increase, the commission considers comments from the public, average rents, minimum wage, the cost of electricity, heat, water, insurance, property taxes and other costs. It also uses the Consumer Price Index and statistical data compiled by the Department of Finance.
Previous allowable rent increases and the 2019 Summary Report and Analysis can be found on the commission’s website at irac.pe.ca/rental.