The Chronicle Herald: Report: Renting a one-bedroom apartment in Halifax will cost you 20% more than in 2020
Posted February 24, 2021
While the national average is down almost 9%, rents in Halifax have spiralled upward
Posted February 24, 2021
HALIFAX, N.S. — The average price to rent a one-bedroom apartment in Halifax has gone up by 20 per cent since last January, according to a recent national rent report.
The average monthly rent for a two-bedroom apartment in Nova Scotia’s capital also saw a double-digit increase since last January, with prices increasing by 16.5 per cent.
However, a two-bedroom unit in Halifax, averaging $1,869 a month, has dropped nearly six per cent in cost since December, according to the study released by Rentals.ca and Bullpen Research and Consulting.
According to the report, Halifax is the 17th priciest market in the country, with a one-bedroom unit averaging $1,473 a month.
The numbers shown in the study are drastically different from Canada’s average, which was down nearly nine per cent.
For example, the average rent cost in Toronto is down more than 20 per cent for a one-bedroom in comparison to last January as the average rental prices in Ontario continue to steadily decline.
“Single-family homes and condominiums for rent continued their downward slide in January, as the most expensive properties continue to get less expensive to rent during the pandemic,” Ben Myers, president of Bullpen Research and Consulting, said of the average prices across Canada.
“The rental apartment market has been relatively flat over the past six months, with landlords offering a number of incentives to sweeten the pot.”
But that’s not the case in Halifax Regional Municipality, as many people continue to call on the provincial government to address the housing crisis.
Just last month, advocates rallied in downtown Halifax to demand the new Nova Scotia Liberal leader to make the current rent control policies permanent.
Before that, hundreds rallied in front of Halifax City Hall as people’s rents skyrocketed upon renewing their lease.
In November, the provincial government put a two per cent cap on rent increases and halted renovictions, but only until Feb. 1, 2022, or when the state of emergency is lifted.
During his campaign, premier-designate Iain Rankin said he would “impose a four per cent rental increase on all units less than 15 years old for the duration of the pandemic.” A task force would then review this and recommend to adjust, extend or eliminate it.
Article by Nicole Munro for the Chronicle Herald