CMHC recently released their Rental Market Report for the Ottawa Area.
According to their statistics, the Vacancy Rate in Ottawa went up from 2.6% in 2014, to 3.4% in 2015. This rise is due to a higher growth of apartments versus the demand.
Below is an image showing the Vacancy Rates in Ottawa as well as the average rents from 2004 up to 2015
The average rent charged, on average, for a 2 bedroom Apartment went up by 3.1% to $1174 in 2015.
How much will it cost to rent an Apartment in Ottawa (on average)?
- A Bachelor Apartment will cost you $801.
- 1 Bedroom Apartment will set you back $972
- 2 Bedroom Apartment now at $1174
- 3+ Bedroom Apartment, budget around 1390
Average rents above are calculated using 2 Bedroom Apartments in buildings with 3 and more units.
Where are the Lowest Rentals in Ottawa?
3+ Bedroom Apartments are the only one's where the average rent dropped from last year. In 2014 a 3 bed would cost you $1415, and now at $1390.
The Lowest Rents can be found in Vanier, at $643 for a 1Bachelor, $842 for a 1 Bedroom, $960 for a 2 Bedroom and $1178 for a 3+ Bed Apartment.
Where are the Highest Rental Neighbourhoods in Ottawa?
- The highest priced Bachelors are found in Nepean and Downtown
- Sandy Hill and Lowertown have the highest priced 1 bedroom rentals
- Downtown claims the most expensive 2 bedroom Apartments
- Downtown and Sandy Hill have the highest priced 3+ bedroom rentals.
Here is an image that shows the average rental prices in Ottawa, by neighbourhood.
That's the main points of the rental report from CMHC for the Ottawa area. If you're looking to rent an apartment we hope you found this blog post useful, and also if you're a Landlord as well.