The cost of rent may get a little higher in 2024.
As of January 1, the rent cap has been raised up to 5 per cent. This is a jump from the 2 per cent cap put in place in November 2020, during the pandemic.
In February the cap was extended to December 31, 2023.
The rent cap applies to renters who are renewing their lease or if you are in a fixed-term lease, signing another fixed-term lease, for the same unit.
It does not apply to new tenants signing new leases.
The province says, a rental increase includes any additional cost to the tenant for services originally in the lease, such as parking.
It also refers to removing a service that will ultimately cost the tenant more, such as making them pay for electricity, when it was originally in the lease.
The average rent for a one-bedroom apartment in Halifax is about $1,917, according to Rentals.ca.
About one third of Nova Scotians rent.
