Rent increases for those who stay put will be in the five per cent range, while higher increases will be charged to those who move.
I almost fainted right there onto the hard cold tiles of the grocery store floor. Once I had recovered myself, I scuttled away, muttering “Nope, nope, nope.”
Over the past few years, vacancies have been fairly high — certainly not in the balanced zone, rising to eight or even 10 per cent at times. But the rental market is tightening. In 2022, “rental housing providers are being forced to raise rents anywhere from five to 10 to 15 per cent,” Choquette said.
Other, more significant items have been less affected by inflation but have risen in price over the last few years for various reasons. One is insurance, with increases anywhere from 30 to 80 per cent due to fewer writers insuring rental property, Choquette said.“In terms of interest rates,” he added, “it not only affects people buying houses, but rental housing providers with variable mortgages which are impacted when rates go up or mortgages are renewed.
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