As of 2023, landlords can only raise rent by 2.5% annually. However, some exceptions will allow landlords to raise rents by a higher percentage. For instance, in retirement home properties, rent increases may only be applied to the rental cost and not to other services the home provides, such as food and cleaning services. And for new buildings or additions made after November 15, 2018, the landlord is not limited to the amount the rent may be increased.