Halifax Rental Market More Robust Than Other N.s. Cities

Vacancy rates are higher in Maritime Provinces than elsewhere in Canada with the exception of the anomalous Halifax market

. Real estate observers believe that because so many of the students who attend one of the eight area universities move to and from the city, the rental market is somewhat insulated from factors which influence vacancy rates elsewhere. Halifax Apartment Rentals, do however, remain available to those seeking accommodation.

Canadas slow but steady economic recovery following the global economic recession has lead to changes in vacancy rates in many parts of the country as those most likely to rent shy away from relocation. Though Canadas job market is improving from a low point in 2008, it has yet to return to previously known levels of productivity and strength. This has meant that fewer immigrants, who tend to rent before purchasing homes in Canada, are confident theyll be able to support themselves financially in a foreign country and shoulder the cost of relocation.

Studies reveal that overall the rental apartment availability rate in Canadas 35 major centres was 4.4 per cent in April 2012. This represents a slight increase from 4.3 per cent in April 2011. A rental unit is deemed available when the unit is not occupied by anyone and is ready for immediate rental. Similarly, if the existing tenant has given or received notice to move it is considered available.

Studies further show that vacancy rates are lowest in Canadian cities with resource-based economies. The amount of investment going into the Canadian oil sands projects is believed to have affected the volume of people renting apartments in Alberta. In Manitoba, where manufacturing is strong, vacancy rates are also low.

To cater to the budgets of students and those of academics, Apartments for Rent Halifax are reasonably priced. Reports suggest that the average two-bedroom rental unit in Canada goes for about $885. In Vancouver that figure bumps to about $1,200 and in Toronto to $1,150, the average rent in Halifax hovers around $1,000. This is affordable, especially compared to rental rates in other provinces.

The highest month rents are recorded in Alberta, Ontario and British Columbia. The lowest average monthly rents for two-bedroom apartments are throughout Quebec, New Brunswick and Newfoundland.

by: David McFarlane

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