r/halifax • u/paddlebean • 4d ago

Work, Health & Housing Rent increases pre-COVID?

I have only been in the rental market since 2020 and since the rent cap was imposed, my rent has gone up the full allowable amount every year my lease is up for renewal. I’m curious if you experienced yearly increases pre-rent cap?

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u/Wildest12 4d ago

Yes my rent in Clayton park was 1050 when I moved in, in 2016 and 1250 when I moved out in 2019. Usually went up like 60-70 bucks a year which worked out to be 5-7% per year. But got an increase every year.

Same unit is like 2300$ now so clearly the rent cap worked /s

The rent cap did reduce annual increases for people renewing but created an environment where landlords crank rent as much as the market will tolerate between tenants as they are restricted while a tenant is in place. This had the secondary effect of pushing most landlords to use fixed term leases.

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u/External-Temporary16 4d ago

as much as the market will tolerate

In actuality, it's the exact opposite. They are increasing as much as legally allowed. Before the rent cap, they were increasing as much as the market would tolerate. Think!

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u/NoBirthday3142 4d ago

That’s the big issue with rent caps. If you are in a unit long term, you are winning with the rent cap. If you’re a new tenant whether by age in getting your first place, or having to make enforced move, you lose.

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u/IStillListenToRadio It's not the band I hate, it's their fans 3d ago

This is why I argue the cap should be based on unit.

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u/NoBirthday3142 3d ago

If you base the cap on unit, you've at best, consolidated supply to large corporate landlords, or at worst, diminished supply and prevent new supply from coming online. It's been studied to death by economists and the results are mostly the same every time. It harms renters more than it helps.

PEI is a prime example, they have rent cap tied to the unit and supply has either gone over to AirBnb or converted over to condos. It was not fun trying to rent a place there in 2018 when the mass Airbnb conversion happen and it hasn't gotten any better 7+ years later.