sizeWithFont constrainedToSize:lineBreakMode:
is the method to use. An example of how to use it is below:
//Calculate the expected size based on the font and linebreak mode of your label
// FLT_MAX here simply means no constraint in height
CGSize maximumLabelSize = CGSizeMake(296, FLT_MAX);
CGSize expectedLabelSize = [yourString sizeWithFont:yourLabel.font constrainedToSize:maximumLabelSize lineBreakMode:yourLabel.lineBreakMode];
//adjust the label the the new height.
CGRect newFrame = yourLabel.frame;
newFrame.size.height = expectedLabelSize.height;
yourLabel.frame = newFrame;