If you've caught yourself wondering why there appears to be less apartments this year than last, you're not imagining things.
A recent survey conducted by Canada Mortgage & Housing Corporation shows that Halifax rental vacancy rates dropped from 3.5% to 2.5% this year. Nova Scotia's vacancy rate dropped from 3.8% to 2.8%, while the national vacancy rate climbed to 2.9%, from 2.7% last year.
Halifax's significant vacancy drop is the result of an increasing population that has outpaced new apartment supply over the last few years. The recession played a major part in slowing new apartment construction projects, and derailed others altogether. Many of the major development projects in the last few years have focused on condo construction (Trillium), while some apartment projects have been primarily redevelopments (Fenwick).
Halifax's apartment vacancy rates were down consistently across all rental sizes. Of Halifax's 40,000 reported apartment units, the average monthly rent for a two bedroom was $881.
While the bad news is that there are 25% less available apartments to choose from this year, the good news is that apartment hunters also now have Rent Donkey on their side. Users can search in confidence knowing that we list nearly every apartment in the city; even with a 2.5% vacancy rate, we currently have over 1,700 listings!