Apartment Rents and Demand are Soaring in Ottawa

Apartment rents and demand are soaring as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.

In the quarter ended Sept. 30, the average advertised rent reached $978, up 3.9 % over the year-ago period.

The market is strong enough that landlords are able to reduce the concessions that they‘re offering to new tenants. Even more important, vacancies continue to fall.

The surging demand has also benefited owners and operators of large apartment complexes. Its revenue rose 6.6 % in the quarter ended June 30, compared to the same period last year.

Competition for units has grown along with the rent.