Find out how Prince Edward Island’s new rent increase guidelines can affect your properties. Below, SingleKey’s experts summarize the key points and changes you’ll want to know.
The Prince Edward Island rent increase guideline for 2023 is 1%, which means if the landlord provides a tenant with proper written notice, they can increase the rent on a residential rental unit from $1,000 to $1,010.
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:
Landlords who want to increase the rent more than the guideline amount must submit an application with the Director of Residential Rental Property using the Form 12 Application by Lessor for Approval of Rent Increase Exceeding Percentage Allowed by Regulation and Form 15 Lessor’s Statement of Income and Expenses.
In order to gain approval from the Rental Office to increase the rent by more than the allowable amount, they will consider:
In the case where a tenant wants to object to the landlords’ rent increase, they would have to file for a review within 10 business days to dispute the increase. The tenant has to fill out Form 13 Application by Lessee for Review of Proposed Rent Increase.
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