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A reminder to read your rent increase notices. My apartment is planning on increasing rent by 14.8% in march. somehow they got tenancy branch approval even though nothing in our apartment has changed since last year.
Technically its only a $30 increase/month because they increased our "rent discount" by $200. This may seem nice of them, however it is a clever tactic to use the tenancy branch for a massive rent increase.
Their game plan: 1.) increase by the maximum 1.6% ever year. not enough to scare off tenants and they will pay the extra. 2.) offer a rent discount which can be decreased at will to essentially increase rent without breaking the rules
3.) do some minor work to get approved for a massive rent increase. 4.) play with the rent discount so after you did the work and increased rent you can continue to increase rent incrementally (+1.6%/year).
Your tenants won't all move out at once due to the huge increase, and will reluctantly pay a +1.6% increase every year. This is how our rent has gone up 2.6%/year all while gaining 16.4% worth of possible rent increases WITHOUT needing to get approval from the RTB. End rant.
