Add this to the curious situation file. Caught this piece today about the glut of vacant apartments in Halifax, Nova Scotia. Apparently – being a landlord lately in the provincial capital is not an easy task. There’s a thick wedge of vacant apartment units that have gone beyond creating more supply than demand.
About 1,500 rental units are sitting empty in Halifax and more apartment units are being built. Landlords are so motivated to sign leases, that they’re getting creative in their effort to draw attention to their units. They’re throwing in iPads, discounted trips to the dentist, televisions, and even free yoga. You read that right. Free yoga.
What’s the expected rental income in Halifax? I was told that ship builder companies will create a demand for rental apartments in the next 5-years. Would that be a good opportunity to invest in the market?