The provincial governments announcement that it is changing tenancy regulations to limit rent increases by eliminating a clause that allows landlords to seek massive rent hikes to match neighbourhood prices is being met with applause on local social media.
As of November 2017, the average rent for an apartment in Richmond was $1964, which is a 34.93% increase from last year when the average rent was $1278. One bedroom apartments in Richmond rent for $1513 a month for an an average 11.75% increase and a two bedroom apartment rents on average for $2420, a 38.39% increase from last year.
These rent increases are dramatic, but as of December 11th, renters no longer need to worry about further rent spikes.
Most comments on social media support the BC NDP's action, but some have concerns about how the change would work.
What are your views?
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