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Newfoundland and Labrador Rent Increase 2023
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.
What’s New For 2023
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.
Rules For Increasing Rent For Periodic Term Tenancies
The landlord must give the tenant proper written notice of the rent increase before it takes effect.
For monthly tenancies:
- The landlord must give at least 6 months notice to the tenant before the rent increase can take effect
For weekly tenancies:
- The landlord must give at least 8 weeks notice to the tenant before the rent increase can take effect
In most cases, the rent for a residential unit can be increased 12 months after:
- The last legal rent increase
- The start date of tenancy
Rules For Increasing Rent For Fixed Term Tenancies
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.
Rental Housing Program
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.
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, rated A+ by A.M. Best. Coverage is offered in the form of a surety performance bond. SingleKey is a participating member of Protected Cell Captive insurance company that is one hundred percent reinsured within the Lloyd’s Market rated A+ by A.M. Best.