The provincial government has announced the annual allowable rent increase for next year has jumped from two percent to 2.6%.
Long-established Prince George Realtor Bob Quinlan gave MyPGNow.com an example on how this can impact local renters.
“Well, if you are in a $1250 unit that you are paying right now and then the landlord without any changes or improvements just based on market conditions can raise your rent about sixty-dollars putting you over $1310 for the unit.”
He adds the announcement also sprinkles more good news for landlords.
“I do see this as a good move because it increases the allowable rent increase for a landlord from two percent now to two-point-six percent and it responds a little bit that we have to have some incentive for landlords that want to have properties to rent.”
The current vacancy rate in Prince George is between 3% and 4%.
Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].
