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Prince Edward Island Rent Increase 2023
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.
What’s New For 2023
The Prince Edward Island rent increase guideline for 2023 is 0%. There is a rent freeze until December 2023 due to Bill 80, An Act to Amend the Rental of Residential Property Act.
Rules For Increasing Rent
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 3 months notice to the tenant before the rent increase can take effect
For Weekly Tenancies
- The landlord must give at least 3 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
Rent Increase Forms
Rent Increase forms include:- Notice of Rent Increase
- Application by Lessor for Approval of Rent Increase Exceeding Percentage Allowed by Regulation
- Lessor’s Statement of Income and Expenses
- Application by Lessee for Review of Proposed Rent Increase
Rent Increase Above Allowable Amount
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:
- If the rent increase prevents the landlord from losing money
- If the landlord has an increase in operating expenses
- If the landlord has a reasonable expectation on their return on investment
- When the last rent increase happened
- The amount of the last rent increase
Resolving Issues About Rent Control
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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, 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.
, 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.