Toronto, ON – June 30, 2023 – The Rental Housing Tribunal of Toronto released the annual rent increase guideline for 2024. As part of its commitment to maintaining a balanced rental market, the tribunal has established an approach that landlords and tenants must adhere to when determining rent increases for the upcoming year.
According to the guidelines issued by the Rental Housing Tribunal, the rent increase guideline 2024 will be set at 2.5 percent. This means that landlords in Toronto will be permitted to raise rents by a maximum of 2.5 percent for the coming year. The guideline is designed to strike a fair balance between the interests of landlords and tenants while ensuring the stability of the rental market.
The rental market in Toronto has been a topic of discussion and concern in recent years, with escalating housing costs and a growing population placing pressure on tenants’ ability to afford housing. The Rental Housing Tribunal acknowledges the need for affordability and stability in the rental market, and the 2.5 percent increase guideline reflects their ongoing efforts to address these issues.
It is important to note that the rent increase guideline applies to most residential rental properties in Toronto, including apartments, condominiums, and houses. However, the approach has some exceptions, such as properties exempt under the Residential Tenancies Act or if an agreement between the landlord and tenant specifies a further increase.
The Rental Housing Tribunal urges landlords and tenants to familiarize themselves with the guidelines and ensure compliance when determining rent increases for the upcoming year. They emphasize the importance of open communication and cooperation between landlords and tenants to maintain a fair and balanced rental market.
For more information on the rent increase guideline for 2024, please visit the Rental Housing Tribunal’s official website or contact their office directly.
About the Rental Housing Tribunal of Toronto
The Rental Housing Tribunal of Toronto is an independent governing body overseeing rental housing issues and disputes in the city. Their mandate includes setting guidelines for rent increases, addressing complaints, and ensuring the fair treatment of both landlords and tenants.