Not sure how much you can increase your tenants’ rent in 2023? Here’s what you need to know about Newfoundland’s latest rent increase guidelines.
There is no limit on rent increases in Newfoundland for 2023. If the landlord provides a tenant with proper written notice, they can increase the rent on a residential rental unit to market price. However, there are restrictions that landlords must abide by in order to raise rents.
The landlord must give the tenant proper written notice of the rent increase before it takes effect.
For monthly tenancies:
For weekly tenancies:
In most cases, the rent for a residential unit can be increased 12 months after:
The landlord can only increase rent at the end of a fixed-term rental agreement for fixed-term tenancies. Fixed-term agreements cannot be less than 6 months and cannot exceed 12 months.
In order for a rent increase to be in effect, the landlord must provide at least 6 months of written notice to the tenant prior to the end of the lease.
The Newfoundland and Labrador Housing Corporation (NLHC) offers the Rental Housing Program for people who are struggling to find affordable rental units. They are targeted to help low-income families, seniors, Aboriginal people, and individuals with disabilities.
The amount of rent is calculated based on the income of the individual. For anyone who does not receive enough income support to fund housing, their rent would amount to 25% of their total monthly income.
Set up automatic payments today with our Rent Collection tool.