2% maximum annual rent increase for residential and business properties

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Petition Action

2% maximum annual rent increase for residential and business properties

Additional Information

Rent for businesses and residential property is excessive at present. A cap of 2% is required on an annual rent incrrease. The owner of the property will need to justify any rent increase with improvements to the property in a years period. Change of tennants will leave the rent unchanged. If insignificant improvements have been made to the property the rent remains unchanged. No cap on rent decrease.

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