Metro okays 7.4 per cent rent hikes
Email
Print
Letter to Editor
Share
Updated: July 27, 2009 4:05 PM
Metro Vancouver will jack rents at several regional district-run apartment buildings by 7.4 per cent a year to help raise more money for repairs.
Most of the buildings are in the City of Vancouver and many of the units are leaky with water ingress problems that require expensive upgrades.
The hikes depend on provincial approval because they exceed the maximum 3.7 per cent a year rent increase limit that applies to private landlords.
The increases would bring rents up to market levels over six years.
At least 300 units are rented at amounts at least $200 to $300 below market rates.
"It's not an easy thing to do," said Surrey Coun. and Metro Vancouver housing committee vice-chair Judy Villeneuve.
"But we need to bring some of these complexes more in line with the market."
Without the increases, she said, the Metro Vancouver Housing Corp. will see its reserves to maintain the complexes fall farther behind.
Low-income tenants would still be able to apply for subsidies to cover the portion of their rent that exceeds 30 per cent of their income.
Metro Vancouver Housing Corp. directors rejected an option to impose steeper increases of 15 per cent per year to close the gap more rapidly.
The buildings are supposed to have a mix of subsidized and market housing, geared to families and seniors.
v2
