What's Happening in Ottawa's Rental Market - Q4 2023 Insights!

Hey there, folks! Let's take a friendly stroll through the Ottawa rental market as we dive into the data from the Ottawa Real Estate Board for the last quarter of 2023. We've got some interesting tidbits to share about inventory levels, average rental prices, and more!

Inventory Levels: First off, let's talk about the supply and demand balance in the rental market. In Q4 2023, things looked pretty steady, with just a slight uptick in available rental units towards the end of the year. Here's how it breaks down:

• October: 1.7 months
• November: 1.8 months
• December: 1.9 months

A higher number of months of inventory generally means it's a bit easier for renters to find a place they like.

Average Rental Prices: Now, onto the dollars and cents! Rental prices had their own little dance during this quarter. Here are the average monthly rental prices for all types of rental properties combined:

• October: $2,712
• November: $2,662
• December: $2,706

While we saw some ups and downs, the overall picture suggests a pretty stable rental market in terms of pricing.

Average Days on Market (CDOM): Ever wonder how long it takes for a rental property to find a new tenant? Well, in Q4 2023, the average days on market decreased gradually:

• October: 24 days
• November: 28 days
• December: 32 days

That means properties took a bit longer to find new renters as we headed into winter.

Property Types Galore: Okay, let's break it down by property types for a moment:

Detached Homes:

• October: $3,135
• November: $3,113
• December: $3,184

Row Houses/Townhomes and Semi-Detached Homes:

• October: $2,599
• November: $2,601
• December: $2,566

Apartment or Stacked Units:

• October: $3,391
• November: $2,400
• December: $2,435

So, different types of homes come with different price tags. Detached homes tend to be on the pricier side, while apartments are a bit more budget-friendly.

Property Type Breakdown - 2 Bedroom Units: For those cozy 2-bedroom units, here's what we found for Q4 2023:

• October: $2,492
• November: $2,447
• December: $2,558

Property Type Breakdown - 3 Bedroom Units: And if you need a bit more space with 3 bedrooms, here's the scoop:

• October: $2,688
• November: $2,638
• December: $2,593

These numbers give you a sense of what to expect in terms of prices for different types and sizes of rental units.

In a nutshell, the Ottawa rental market in Q4 2023 was pretty stable in terms of rental prices, with some minor fluctuations in inventory levels and time on the market. Different property types come with different price tags, so there's something for everyone! Just remember, the rental market can be influenced by various factors, so keep an eye on those trends if you're planning a move or an investment. Happy renting, folks!