Rent Increase Guidelines

The government is continuing to strengthen protections for tenants by holding the rent increase guideline for 2024 at 2.5 per cent, well below the average inflation rate of 5.9 per cent. The rent increase guideline is the maximum amount a landlord can increase rent during the year for most tenants without the approval of the Landlord and Tenant Board.

The guideline is based on Ontario’s Consumer Price Index, a measure of inflation calculated by Statistics Canada using data that reflects economic conditions over the past year. Under the Residential Tenancies Act the guideline is capped at 2.5 per cent to help protect tenants from rising interest rates that would result in higher rent.

Without the cap, the recent rate of inflation would have resulted in an increase of 5.9 per cent in 2024.

News Release; Ontario Capping Rent Increases Below the Rate of Inflation | Ontario Newsroom