The Director of Residential Tenancy has set the maximum Annual Allowable Rent Increase, effective January 1, 2024, at 3% on all rental units, heated or unheated.
On April 8, 2023, the Government of Prince Edward Island proclaimed the Residential Tenancy Act and the Residential Tenancy Act regulations. Under Subsection 49(3) of the Residential Tenancy Act, the annual allowable rent increase cannot exceed 3%.
The 2024 Maximum Allowable Rent Increase is based on Subsection 49 (2) of the Residential Tenancy Act, which sets out the formula and requires the Director of Residential Tenancy to establish the allowable increase.
Click here to see the 2024 Annual Allowable Rent Increase News Release
Click here to see the 2024 Annual Allowable Rent Increase Background Information
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