A brief summary of Urbanation's latest Ottawa Rental Market Report findings for Q3-2024:
The Ottawa rental market remained strong and steady in the third quarter across the 109 rental buildings totaling 17,487 units built since 2000 and tracked quarterly by Urbanation.
New purpose-built completions totaling 1,218 units were surpassed by net absorptions totaling 1,235 units as demand continued to outpace supply.
As a result, vacancy rates were held to only 1.6% in Q3 (unchanged from Q2 and up only slight from 1.5% a year ago) and average rents rose 7.5% annually to $3.25 psf ($2,417 for 743 sf).
A total of 813 rental units started construction in Q3, down 18% from a year ago. Year-to-date construction starts of 2,416 units represented a 10% decline over the same period last year and a 32% drop from the recent high of 3,546 starts in the same period during 2021.
The challenging economic environment for new rental development caused the total number of rentals under construction to fall to a nine-quarter low of 10,132 units.
In the secondary condo rental market, lease transactions fell 15% annually to 292 units due to a lack of new completions.
- Condo rents were largely unchanged at an average of $2.92 psf, slipping 1.4% from the record high a year ago.
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