Ontario's 2024 Rent Increase Guideline: what you need to know?

- The rent increase guideline for 2024 is 2.5%, which is the maximum amount landlords can increase rent without seeking approval from the Landlord and Tenant Board.

- This guideline applies to most private residential units covered under the Residential Tenancies Act in Ontario. It applies to rent increases taking effect on or after January 1, 2024.

- The 2.5% guideline is based on the Ontario Consumer Price Index, which measures inflation. The guideline is set annually by the Ontario government.

- There are some exceptions where landlords can apply for rents above the guideline, such as if they completed significant renovations or if property taxes or utility costs have increased substantially. Landlords would need approval from the Landlord and Tenant Board for these exemptions.

- Tenants must receive 90 days written notice of a rent increase. Rent can only be increased once every 12 months.

- The rent increase guideline does not apply to vacant units, social housing, nursing/retirement homes, commercial properties, or new rental buildings occupied for the first time after November 15, 2018.

- If tenants believe their rent increase exceeds the guideline, they can refuse to pay the increase and file a complaint with the Landlord and Tenant Board.

For more details, please visit https://www.ontario.ca/page/residential-rent-increases