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    How Much Will My Rent Increase in BC This Year?

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    Worried about how to budget for the upcoming rent increases in BC? Read our blog post to know what to expect.

    If you’re a resident of British Columbia, you may be wondering how much your rent will increase this year. While rent prices vary across the province, you can generally expect your rent to go up by a certain amount each year. In this blog post, we’ll break down how much you can expect your rent to increase in BC, as well as answer some frequently asked questions.

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    How Much Will Rent Increase for a One-Bedroom in BC?

    In 2023, residents of British Columbia will be faced with an average rent increase for a one-bedroom apartment of 2%. This is far below the expected rise of inflation due to a provincial mandate that has set a maximum allowable rent increase for rental units. However, renters still need to be prepared for these costs and have solutions in place to ensure they can cover their expenses. Making use of shared spaces and exploring creative options may help with saving money while continuing to live comfortably in the province of BC.

    How Much Will Rent Increase for a Two-Bedroom in BC?

    According to experts, the average two-bedroom apartment in the province will experience an increase of about 2% in 2023. If your rent rises beyond the expected 2%, there are steps you can take: from budgeting and planning ahead to researching rental assistance programs or considering alternative living options. With a little bit of research and forethought, you can make sure that sky-high BC rent increases don’t leave you high and dry.

    In What BC Cities Will Rent Increase the Most?

    The cities of Vancouver and Victoria will be hit by the rental increase in 2023, with rent predicted to rise by 2%. It’s a sobering reminder that renters need to continue being proactive when it comes to their finances, while still striving for affordable housing options. With these numbers in mind, it’s never been more important to be prepared and secure living arrangements before prices get even higher.

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    How Does This Compare to the National Average of Rent Increases?

    Despite the worry of landlords continuing to raise the rent in the next couple of years, those of us who live in British Columbia can expect a bit of good news; when compared to the rest of Canada, our rents will still be lower than the national average. According to recent reports, it is estimated that across Canada, rent increases should be around 2.5% in 2023, but luckily, BC renters will have a smaller average bump to prepare for.

    What Factors Contribute to These Rising Costs?

    If you’re a renter in British Columbia, chances are you’ve already been feeling the squeeze of rising rents in recent years. Unfortunately, this trend is likely to continue into 2023, as the region faces several factors that contribute to higher rental costs. With more people moving due to population growth and not enough new construction catching up with increased demand, renters can expect rent prices to be on the rise. It’s important to stay informed and understand your rental rights so you can make the best possible decision when it comes time to sign your lease.

    Is There Anything I Can Do to Avoid These Cost Increases?

    If you’re willing to invest a little bit of time into searching, there are still ways to find a place at an affordable price. Consider looking for a unit with roommates as this can significantly reduce your costs compared to renting an apartment by yourself. Alternatively, you could investigate areas with lower rental prices or even see if there are any incentives or subsidies available.Investing in a good tenant insurance policy can also help you save money. Not having the proper coverage in place can put you on the line for the cost of having to replace your items yourself.

    APOLLO Insurance is here to help with affordable tenant insurance solutions. Get a free quote in just minutes and have your policy emailed directly to your inbox.

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    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

    Originally published January 24, 2023, updated September 5, 2023

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    Get no-nonsense coverage that's the best value for your money. Purchase policies from your computer or phone, receive your documents instantly, and save when you buy online.

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