When the “rent freeze” was announced, Shindico sought the advice of the Residential Tenancies Branch (“RTB”) on how to handle Pre-authorized Debit (“PAD”) payments from its tenants where those tenants had previously entered into agreements with a rent increase on April 1.
The RTB advised that due to the time constraints between the announcement and April 1, that payments could be processed as is, and refunds should be given to tenants upon request (ie on a case by case basis). If no request is made, then the amount of the increase should be credited to the tenant’s May rent. This is the policy Shindico adopted, however, considering revised guidance from the RTB that was issued on March 31, 2020, Shindico has decided to change each entry for pre-authorized debit tenants where there was an April 1 rent increase in place. Although this will place a significant administration burden on staff, it was decided it was the right thing to do given the revised direction from the RTB. As such all tenants paying by PAD scheduled for an April 1 rent increase in a Shindico managed property will see their rent remain at the March rent as per the “rent freeze”. As always, Shindico is in compliance with the directions of the Residential Tenancies Branch.
For further information please contact:
Shindico Realty Inc.