You heard it… work from home and study from home! This might be the future, but what does this mean for the Ottawa rental market?
There’s a lot of uncertainty the past couple of months and as more announcements keep coming…the more concern there is for the rental market.
There’s been two big announcements recently that could have a direct effect on the rental market:
- Shopify employees will now be working from home
- Local Universities and colleges will now offer more online classes
So, what does all of this mean for the rental market?
If you have been following the housing market lately you probably know that other cities are experiencing some hard times… well everyone but Ottawa! and the same is for rentals. The market is still strong, but just looks different.
Here’s how the future of rentals could change:
- Gone are the days of “micro condos” you know the condos around 400 square feet in the heart of downtown. People traditionally rented these for a quick commute, but now tenants are working from home and not commuting. So they require more at home space
- A 1 plus den apartment could be very popular rental option. Extra space and the perfect office space as well to work from home in.
- Less shared spaces: per room rentals and university residences stays could be a thing of the past. This could mean more demand for exclusive one bedroom apartments as individuals will want to stay by themselves.
- The downtown core could cool down. Everyone previously wanted to be close to their work and not idling on the 417. Now as companies move to at home work spaces, the Barrhaven town home or Orleans free hold could become very popular. More space and around the same price point as that small 1 or 2 bedroom previously rented downtown.
- Business travel in short term rentals could pick up. Employees are now working from home but occasionally they might need to come into the office. This could increase short term overnight stays. If you can work virtually why not live somewhere cool?!
Just some food for thought! We will keep monitoring the rental market and providing updates as they come