N.S. rental options shrink as prices increase
According to the Investment Property Owners Association of Nova Scotia (IPOANS), the rental market has the potential to get even tighter due to the province’s five per cent rent cap for occupied apartments. Many landlords are thinking about getting out of the market.
When it comes to rental costs, Nova Scotia isn’t at the top, but it’s getting there.
“Halifax is 15th on our list for the most expensive cities in Canada for a one-bedroom apartment. A one-bedroom apartment asking right now is $1,938 a month which is just above a 10 per cent increase year over year,” says Giacomo Ladas, the communications manager for Rentals.ca.
Their new report says the average cost for an apartment in Canada was $2,193 per month in February, marking a 10.5 per cent jump year-over-year. The average asking price for a two-bedroom was $2,293, up 11.3 per cent annually.
“For the third year the vacancy rate in Halifax is one per cent and it’s actually been under two per cent since 2017,” Ladas says. …[Continue Reading]