Ottawa’s latest annual development report is proof of how difficult it is for renters to find a place to lay their head in our City at the moment. The vacancy rate for rentals was 3.0% in 2017 and dropped to 1.7% in 2017. Figures arrived at by CMHC say that the rental supply of apartments and houses increased only 0.9% last year.
A growing category is the number of condo units being rented with a 7% increase in the last year. Condo rentals are becoming a big part of the supply of rental units but they can be limited to the people that can afford to pay more as most rental costs need to cover the monthly condo fee.
These rental statistics show a trend of downward in the Ottawa vacancy rate since 2015. The hardest to find rentals are 1 bedroom apartments which had a 1.4% vacancy rate in 2017. 2 bedroom units had a 2.1% rate and bachelors, $1.6% rate.
Average monthly rents for Ottawa in 2017 are $1,232 per month for a 2 bedroom rental in the City, an increase of 2.6% since 2016. Rent controls are in place for occupied units with existing tenants, limited to 1.5% in 2017 but for empty units gaining a new tenant, landlords are able to charge what they wish.
In Ottawa, renters are seeming to have the most luck finding a spot in Nepean and the hardest time finding a spot in the Glebe and Old Ottawa South where there is a shocking only 0.2% vacancy rate.
To conclude….this IS THE TIME to invest in a rental property if it has been something you have been pondering. There are many renters out there still looking for a spot so finding tenants has never been easier throughout the city.
Contact Carole for more details at 613-271-8120.