Halifax’s rent prices up 25 per cent compared to 2022: survey
Costs are also increasing in other areas for landlords, higher mortgage rates, high constructions, higher operating costs and property taxes are definitely higher.
According to a national rental report, Nova Scotia’s largest city is seeing a 25 per cent increase in rent compared to this time last year.
One bedroom apartments in Halifax are on average going for more than $2,000 a month, while two bedroom units are averaging more than $2,500.
The report outlines that, going forward, the annual rate of rent growth will continue to increase due to record high population growth and low home ownership affordability.
Investment Property Owners Association of Nova Scotia’s (IPOANS) executive director Kevin Russell said inflationary pressures related to high costs is preventing developers from constructing new homes, which then affects the number of rentals available. ..[Read More]