Landlords may only increase rent once a year according to the allowable rent increase determined by IRAC. For example, in 2019, landlords on PEI are allowed to increase rent by:
- 2.00% for furnace oil or other petroleum source heated premises;
- 1.75% for electric heated premises;
- 1.50% for unheated premises;
- 1.50% for mobile home sites within mobile home parks.
Landlords may not increase the rent beyond the allowable percentage even if a new tenant moves in.
If a landlord wishes to increase the rent beyond the allowable amount, s/he must apply to the Office of the Director of Residential Rental Property.
If your landlord decides to increase your rent, s/he must do so using the appropriate form and give you at least three (3) months notice.