{"id":7951,"date":"2018-08-14T21:17:30","date_gmt":"2018-08-14T21:17:30","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/ottawas-rental-segment-is-shifting-to-a-higher-gear\/"},"modified":"2023-11-09T02:53:17","modified_gmt":"2023-11-09T02:53:17","slug":"ottawas-rental-segment-is-shifting-to-a-higher-gear","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/ottawas-rental-segment-is-shifting-to-a-higher-gear\/","title":{"rendered":"Ottawa’s rental segment is shifting to a higher gear"},"content":{"rendered":"

Ottawa\u2019s residential rental market has recently seen marked increases in demand and price points along with a considerable decline in vacancy levels, according to a new study conducted by the Ottawa Citizen.<\/em><\/p>\n

Official numbers for this year have yet to come out, with the CMHC\u2019s Rental Market Report due to be published this fall. However, a trend can be outlined from recent years\u2019 figures: In 2017, the Crown corporation reported 1.7% vacancy for rental apartments in the province, much lower than the 3% seen in 2016.<\/p>\n

The CMHC noted that the 2017 number was the lowest vacancy level seen in the city in 6 years. The report added that the average rent rate for a two-bedroom apartment in 2017 was $1,232, up from the previous year\u2019s $1,200.<\/p>\n

Ottawa-based Blue Panda Realty real estate professional Steve Peippo said that he has observed intensified competition for rental spaces in recent months, which occurred amid a backdrop of surging asking prices.<\/p>\n

\"Two<\/p>\n

\u201cIt\u2019s almost more challenging to find a rental than it is to find a purchase. And I\u2019ve seen people get quite desperate,\u201d Peippo stated.<\/p>\n

Ottawa MLS data covering both May 2017 and May 2018 indicated a 14% increase in the average rental \u201csold\u201d price of two-bedroom, one-parking spot residential rentals, from $1,739 to $2,018.To compare, rent rates for the same property type grew by only 5% in the 2015-2016 interval, and 2% from 2016 to 2017.<\/p>\n

Read more:<\/p>\n

Fresh data from search portal Kijiji Canada seemed to support these observations: The average rental price in the marker increased by 7% year-over-year in June 2018. In the same time frame, the number of Ottawa-Gatineau rental \u201cwanted\u201d ads on the platform grew by 17%.<\/p>\n

\u201cWe do see activity on Kijiji as a barometer for what\u2019s happening in the Canadian real estate industry,\u201d head of real estate and jobs at Kijiji Canada head of real estate and jobs Greg Abramowitz said. \u201cThere\u2019s quite a lot being said in those numbers about the market in general and the competitive nature of it.\u201d<\/p>\n

Meanwhile, rental listing platform PadMapper (which only covers units already on the open market) reported that two-bedroom rentals in Ottawa fetched an average rate of $1,500 per month in June 2018, representing a 15% year-over-year increase and 3% from May.<\/p>\n

Related stories:<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Ottawa\u2019s residential rental market has recently seen marked increases in demand and price points along with a considerable decline in vacancy levels, according to a new study conducted by the Ottawa Citizen. Official numbers for this year have yet to come out, with the CMHC\u2019s Rental Market Report due to be published this fall. However, […]<\/p>\n","protected":false},"author":5,"featured_media":27206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7951"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=7951"}],"version-history":[{"count":4,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7951\/revisions"}],"predecessor-version":[{"id":28713,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7951\/revisions\/28713"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/27206"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=7951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=7951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=7951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}