Manitoba Shopper Safety and Authorities Providers advises the 2024 lease guideline has been set at three per cent, efficient Jan. 1, 2024.
The rule is decided yearly based mostly on the Manitoba Shopper Worth Index and applies to most residential rental properties together with residences, single rooms, homes and duplexes. Regardless of inflation being larger than three per cent, the lease enhance guideline is restricted by the Financial institution of Canada’s goal inflation vary of 1 per cent to a few per cent. That is the primary enhance since 2021, as the speed was held at zero per cent in 2022 and 2023.
The rule doesn’t apply to the next:
- rental items renting for $1,615 or extra per 30 days;
- varied forms of social housing;
- rental items owned and operated by, or for, provincial, municipal or federal governments;
- rental items in buildings first occupied after March 2005;
- not-for-profit life lease items;
- co-operative items; and
- accepted rehabilitated rental items.
Landlords might apply for a rise above the rule of thumb if they will present the rule of thumb is not going to cowl price will increase they’ve incurred.
Tenants should obtain written discover of a lease enhance at the least three months earlier than the rise takes impact. For instance, for a lease enhance to take impact Jan. 1, 2024, tenants should obtain discover by Sept. 30, 2023. With few exceptions, lease can solely be elevated yearly.
Landlords and tenants are inspired to contact the Residential Tenancies Department at 204-945-2476 in Winnipeg or 1-800-782-8403 (toll-free in Manitoba) to be taught extra about lease will increase and different rights and duties.
Extra info can also be out there at www.manitoba.ca/rtb.
