Ottawa Condominium Apartment Rentals Vacancy Rates
Planning a real estate investment? Looking to buy a condominium in Ottawa to rent out to tenants?
Knowing market rents for your neighbourhood, building and property type is very important. You will also want to consider the vacancy rate for the type of property and area you are looking at.
In 2016 the vacancy rate for Ottawa was 4.7% in condo buildings with 3 to 19 units. The vacancy rates drop significantly as we move to larger condo buildings. You can expect a vacancy rate of 1.8% for units between 20 to 49 units, a vacancy rate of 1.0% for units of 50 to 99 condo units and buildings of 100+ units have a vacancy rate of around 0.9%. The average for Ottawa being 1.1%
Based on these figures it is clear to see that there is high demand for high-quality rental apartments in well-located condominium buildings.
Roch St-Georges is a real estate broker in Ottawa helping investors purchase investment properties. Call 613-889-7732 to discuss your real estate needs.