Nova Scotia·NewHalifax-based landlord Killam Apartment REIT says tenant turnover and the pace of rent increases are going back to historical norms. However, it still expects its Atlantic Canada apartments to lead the way on revenue growth over the next year.Killam Apartment REIT expecting Atlantic Canada apartments to lead revenue growthAndrew Lam · CBC News · Posted: Nov 23, 2025 5:00 AM EST | Last Updated: 2 hours agoListen to this articleEstimated 3 minutesThe audio version of this article is generated by text-to-speech, a technology based on artificial intelligence.Killam Apartment REIT owns 5,600 apartment units in Halifax as of Sept. 30 and nearly 18,000 across Canada. (Andrew Lam/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.A chart from Killam’s earnings call slideshow shows how rent increases for its Canadian apartments have trended by quarter for both lease renewals and when new tenants move in. (Killam Apartment REIT)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.WATCH | 1-bedroom Halifax apartment affordable to people making $27/hour, report says:1-bedroom apartment affordable to people making $27/h working full time: reportThe calculation comes from the Canadian Centre for Policy Alternatives. Andrew Lam has the story.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. Halifax remains among the areas where Killam’s rents have the most opportunity to grow. According to its earnings call slideshow, the company estimates its rents are on average 21 per cent below market rates in Halifax. Chief financial officer Dale Noseworthy told analysts on the earnings call that the majority of Killam’s lease renewals include rent increases hitting the five per cent rent cap maximum.In the first nine months of the year, Killam has made more than $53 million in net operating income from its Halifax apartments. That’s the revenues made after subtracting the expenses of operating a building.MORE TOP STORIES:ABOUT THE AUTHORAndrew Lam (they/she) is a Chinese-Canadian and trans reporter for CBC Nova Scotia. They are interested in 2SLGBTQIA+, labour and data-driven stories. Andrew also has a professional background in data analytics and visualization.
Big Halifax-based landlord says it’s seeing rental market returning to historical norms
