Kamloops continues to attract investors in Rental Properties. Low vacancy rates of 0.9% to 1.3% depending on the area, relatively low purchase prices, and rental income comparable to what is being received in the Lower Mainland are contributing factors.
I am working with investors who are looking for the right property - please contact me if you are thinking of selling.
If you already own a rental property, the amount rent can be increased in 2020 is 2.6%.
The increase amount is set by the Residential Tenancy Branch, using the instructions and formula provided in Section 22 of the Residential Tenancy Regulations. Section 22 states:
Annual rent increase
22 (1) In this section, “inflation rate” means the 12 month average percent change in the all-items Consumer Price Index for British Columbia ending in the July that is most recently available for the calendar year for which a rent increase takes effect.
(2) For the purposes of section 43 (1) (a) of the Act [amount of rent increase], a landlord may impose a rent increase that is no greater than the percentage amount.
It is important to be aware that there is a mandatory form you must use as well as rules regarding when a rent increase can be served and how much notice a tenant is entitled to.
For more information please click the link below.