The rental market is changing quickly! Here’s the trends we’re seeing!
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?
Shopify and local universities announced more work/study from home options…what does this mean for the rental market?
Here’s the scoop:
1. Mid term Rentals (30 days or more) continue to be in high demand. Unfurnished long term rentals have slowed slightly for 2 bedrooms plus. However, anything West is still renting strong. If you have a Barrhaven townhome or detached it will be gone in a second. Last week we rented 2 unfurnished granny suite units near the civic for $1950 per month (3 bedroom). The west is still strong
2. Embassy workers etc have extended until end of August and have mentioned they could be here until late fall. This is great for larger STR homes! Anything larger than a 2 bedroom is in high demand on the furnished side.
3. Long term market downtown is still renting just takes a little longer. Long term tenants have more choices now. We are starting to see rental prices drop for unfurnished and furnished rentals
4. June 1 proved to be a big move date for tenants. Multiple move ins both unfurnished and furnished.
5. Unfurnished student housing in Sandyhill is very slow and prices are beginning to drop. Student housing near Algonquin and Carleton are remaining stable as those areas target different demographics as well (families and young professionals)
6. Rentals are still coming onto the market. Tenants are still giving notice and tenants are still looking for places. Now more than ever its important to have a balanced portfolio. combination of student housing, luxury and rentals in various locations.
7. Shopify and twitter recently announced their employees would be working from home. Universities in Ottawa also announced multiple classes would be offered online. This is proving stressing for the long term rental market and should be watched closely.
8. Daily rentals are beginning to increase. People from Toronto or Montreal making weekend trips to Ottawa. Cottages on the short term market are in high demand for stay-cation trips!
In general units that are affordable, accessible and flexible have been performing.
Have a unit you need help with? We would love to help!