Ottawa Rents Reach Record High as Vacancy Remains Low

Urbanation's Ottawa Rental Market Results for Q2-2024 were released, with the following highlights:

• There were 924 new purpose-built rentals that reached completion in Q2, a three-quarter high. The total stock built since 2000 tracked by Urbanation reached 15,850 units.
• Net absorptions within new purpose-built rentals completed since 2000 totaled 725 units, keeping the total occupancy rate above 90% in Q2.
• Vacancy rates in stabilized purpose-built rental buildings completed since 2000 were unchanged from Q1 at 1.6%, edging down from 1.8% a year ago in Q2-2023.
• Average rents surveyed during Q2 in new purpose-built rental buildings completed since 2000 reached a record high $3.28 psf ($2,429 for 741 sf), rising 10.5% annually.
• A total of 1,182 purpose-built rentals started construction in Q2, representing a five-quarter high.
• Total purpose-built rentals under construction reached 10,634 units, with an additional 113,548 units proposed for development – of which 64,984 units were approved.
• A lack of new condo building registrations caused total condo rental listings to fall 31% annually in Q2 to 348 units.
• The reduction in supply resulted in a 23% decline in condo lease transaction volume to 232 units, which was still above the 10-year average.
• The average time on market for condo leases remained below the 10-year average at 25 days in Q2.

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