Big Halifax-based landlord says it's seeing rental market returning to historical norms
CBC
A Halifax-based landlord owning thousands of apartments across Canada says it's seeing the rental market returning to historical norms when it comes to how fast rents are going up and the proportion of tenants moving out.
On Killam Apartment REIT's recent 2025 third-quarter earnings call, one executive said that's particularly the case for the often higher rent increases the company sees when new tenants move in.
Executive vice-president Robert Richardson said rental growth on suite turnovers "is experiencing the largest correction from double-digit highs of 20 per cent in 2023 and 2024."
This growth speaks to the company's ability to raise rents toward market rates when there's opportunity to do so, Richardson added.
He said that "was further bolstered by rental increases earned from Killam's suite renovation program."
In its previous second-quarter earnings call in August, one executive said the company sees 40 to 50 per cent rent growth when it renovates existing units and puts them back on the market.
Like other landlords, Killam tries to boost an apartment's rent to the higher market rate when new tenants move in.
The company owns 5,600 apartments in Halifax and almost 18,000 across Canada as of Sept. 30.
Richardson said the new supply of rental housing is giving renters more options. "Across the country, market rents for apartments are more competitive for both renewals and new leasing," he said.
At the same time, Killam expects its apartments in Atlantic Canada to lead when it comes to revenue growth over the next year.
"Current performance indicators reflect strong market fundamentals in Killam's Atlantic Canadian markets relative to Ontario and Western Canada," a company report said.
"Year-to-date, rent increases on unit turns [when new tenants move in] have remained above average, with limited requirements for rental incentives."
In Halifax, Killam's average rent was $1,576 as of Sept. 30, according to the report.
That's up 7.3 per cent from last year — the largest increase among the places Killam owns apartments, after accounting for the effects of buying and selling properties.
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