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Average rent in Ottawa rises eight per cent year over year

The nation's capital finished 14th on the list of 35 cities for average monthly rent in July, with one-bedrooms costing $1,764 and two-bedrooms going for $2,206.
Apartment for rent
File Photo.

Ottawa's rental prices increased by eight per cent in 2022, according to the latest National Rent Report.

According to the report, put out by Rentals.ca and Bullpen Research and Consulting, this spike is on trend with the rest of Canada, which showed an average increase of 10.4 per cent compared to last year. 

"The 2.6 per cent monthly increase in average rents in Canada is the second highest monthly jump in three years, topped only by the 3.8 per cent rise in May 2022," said Ben Myers, president of Bullpen Research and Consulting. 

The nation's capital finished 14th on the list of 35 cities for average monthly rent, with a one-bedroom renting at $1,764 in July and a two-bedroom at $2,206.

The average rent for all Canadian property types listed on the website was $1,934 in July.

Year over year in Ottawa, the average monthly rent was up 9.7 per cent for a one-bedroom and up 8.5 per cent for a two-bedroom. Month over month, average rent in the city increased 4.4 per cent for a one-bedroom and 4.1 per cent for a two-bedroom.

Both Gloucester and Nepean buck the trend of rising rents across the country with average rents down for both one- and two-bedroom homes.

Gloucester came in 22nd on the list of average monthly rents for a one-bedroom, at approximately $1,564 and 21st for average monthly rent for a two-bedroom at $1,992. In Nepean, it cost around $1,454 to rent a one-bedroom and $1,850 for a two-bedroom, placing it 26th and 25th on the lists, respectively.

So far in Ottawa this year, single-family homes have seen rents increase approximately seven per cent and 17 per cent since 2019 to $3,060.

The report cites workers returning to the office and rising interest rates as some potential factors that affect the rental market.

Ben Myers, the president of Bullpen Research and Consulting, told The Sam Laprade Show on Aug. 16 that the rental market peaked in July of 2019 at $2,136 a month and dropped 16 per cent during the pandemic. Now, added Myers, the rental market has risen 16 per cent again in 2022. 

He said with inflation rates rising, a lot of people have decided to purchase, rather than rent. 

"The rental market has been on a bit of a roller coaster ride if you are a tenant," he said. 

Listen to the full interview with Ben Myers below: 

 

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