What’s Happening in the Rental Market Ottawa?

Yup.. We are nerds! But we love it. And here’s the good news… People are still renting!

At this time in the rental market it’s all about data, strategy and flexibility! Whats happening, what trends are we seeing, and what will happen next?

Here’s the gossip:

1. Furnished suites are in high demand compared to unfurnished suites
2. The luxury rental market has slowed down and harder to rent. Most landlords have dropped the price of their luxury rentals
3. Student rentals have cooled down. However, students are securing leases for September 1 move in
4. Furnished 3+ bedrooms are moving exceptionally quick do to embassy and global affairs employees who have returned back to Ottawa.
5. Both landlords and tenants are asking for flexible lease terms as we don’t have an exact end date to all this madness. Thank you both for being so flexible!

So what’s next?

Now we don’t have a crystal ball but here’s what we think will happen in the rental market in the next couple of months.

1. Short term/mid term rentals will remain consistant as domestic travel is excepted to increase slowly. Cottages could become very popular
2. Students will go back to university for September 1 and as such student rentals will return to normal but might sit vacant over the summer.
3. Stand alone homes for rent will become more popular. Consumer behaviour has changed and consumers appear to be wanting outdoor space and not shared amenities.

Just our thoughts, but us nerds over here get excited to see trends and develop strategies around the rental market and consumer behaviour!