Average rents in Ottawa down slightly, report says
OTTAWA – Average rents in Ottawa are down slightly year over year, according to a new report.
The latest news from Rentals.ca and Bullpen Research & Consulting National rent report shows that average monthly rents in Ottawa are down 1.8 percent for one-bedroom and 5.6 percent for two-bedroom from year to year, and prices also fell slightly month over month.
Ottawa is 13th out of 35 cities in Canada in terms of rental prices for one-bedroom units at $ 1,598 and 10th for the average monthly rent for two-bedroom units at $ 2,005.
“Single-family homes in Ottawa were the only type of property to see consistent increases every year since August 2019, going from $ 2,762 per month in 2019 to $ 2,827 per month in 2020, to $ 2,845 per month in August” , indicates the report.
“The average rent for rental apartments is the only type of property with an average rental rate lower in 2021 than in 2020: $ 1,772 per month in August 2021, compared to $ 1,810 in August 2020 and $ 1,807 per month in August 2019. “
Nepean is listed separately on Ottawa‘s list, although it is a suburb. The report shows that the average one-bedroom rents in Nepean are slightly lower than the Ottawa average at $ 1,576 and over a hundred dollars cheaper for two-bedroom at $ 1,836. Year over year, prices are on the rise in Nepean.
Prices also appear to be increasing in Kingston, Ontario. While room rents average $ 1,439, this represents an increase of 6.6% year over year. Rents for two-bedroom apartments in Kingston average $ 1,750, up 4.7% year over year.
Across the river in Gatineau, Quebec, rent is significantly cheaper. Gatineau ranked 24th out of 35 for one-bedroom units at an average of $ 1,377. A two bedroom apartment in Gatineau costs on average $ 1,717. Unlike Ottawa, however, these prices are the result of a month-over-month increase of 6.8% for one-bedroom units and 4.9% for two-bedroom units. Year-over-year data was not available for Gatineau.
Vancouver and Toronto remain expensive, but rent in Alberta is low
Vancouver is the most expensive rental market in Canada, averaging $ 2,167 for a one-bedroom and $ 3,044 for a two-bedroom. Both of those costs represent double-digit increases, year over year, according to the report.
Toronto rents are the second highest in the country, averaging $ 1,989 for a one-bedroom and $ 2,628 for a two-bedroom. This is just over one percent less than last year.
The cheapest rent of the 35 cities on the list is in Lloydminster, Alberta. There, you can get a one-bedroom unit for an average of $ 718 per month and a two-bedroom for $ 827. Rental prices in Lloydminster have fallen between three and six percent year over year, according to the report’s findings. Of the five Alberta cities included in the report, none were higher than Calgary, which was 27th on the list.
The report concludes that across Canada, rental prices are once again slowly rising, on average. Smaller units have seen price drops overall, but larger homes have become more expensive to rent.
“One- and two-bedroom units have seen year-over-year declines, while larger three- and four-bedroom units have seen significant year-over-year increases, suggesting that demand for larger units persists and that some tenants fully expect that working from home will be a requirement for the foreseeable future. “