Order LR11-29

IN THE MATTER of establishing the allowable percentage rent increase for 2012, pursuant to subsection 23(1) of the Rental of Residential Property Act, R.S.P.E.I. 1988, Cap. R-13.1.

BEFORE THE COMMISSION

on Thursday, the 15th day of September, 2011.

Maurice Rodgerson, Chair
Allan Rankin, Vice-Chair
John Broderick, Commissioner

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Order

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WHEREAS pursuant to the provisions of subsection 23(1) of the Rental of Residential Property Act, the Commission is required to establish the allowable percentage of rent increase for 2012;

AND WHEREAS pursuant to the provisions of subsection 23(2) of the Act, the Director of Residential Rental Property placed a notice in the printed media inviting written representations from lessors and lessees to assist in establishing the annual prescribed percentage rent increase;

AND WHEREAS in setting the prescribed percentage rent increase the Commission has considered the following: representations received pursuant to subsection 23(2) of the Act, the vacancy rates for the province, a review of the economic outlook for the province, a review of the Consumer Price Index forecasts for 2011, previous allowed rent increases, the Consumer Price Index for 2000 to 2010, the Consumer Price Index forecast for 2012;

AND WHEREAS the Commission recognizes that the price of heating residential premises increased in 2010 over year end 2009 prices and those prices have held consistent during 2011 to date and the price of heating fuel is anticipated to continue at, or slightly above, current levels;

AND WHEREAS the Commission has concluded that a rate of rent increase is appropriate for 2012 for heated residential rental premises, unheated residential rental premises and for the rent of a mobile home site in a mobile home park;

AND WHEREAS having taken into consideration the foregoing factors, calculations, submissions and projections the Commission has determined the following maximum allowable rent increases to be justified;

NOW THEREFORE, pursuant to the Rental of Residential Property Act:

IT IS ORDERED THAT

1.  The maximum allowable percentage rent increase for 2012 for heated premises shall be three point two (3.2) percent.

 2.  The maximum allowable percentage increase for 2012 for unheated premises shall be two (2.0) percent.  

3.  The maximum allowable percentage rent increase for 2012 for a mobile home site only in a mobile home park shall be one (1.0) percent.

DATED at Charlottetown, Prince Edward Island, this 15th day of September, 2011.

BY THE COMMISSION:

Maurice Rodgerson, Chair

Allan Rankin, Vice-Chair

John Broderick, Commissioner

Click here for Summary Report & Analysis Allowable Percentage Rent Increase for 2012