Cutthroat competition for Ottawa Apartments for Rent
The competition for Ottawa rentals in the nation’s capital is heating up. Prospective tenants who were battling it out for rental units and could afford more money were trying to pay amounts that exceeded those that were on the listings, interestingly enough. We never had that situation of cutthroat competition for rental units in Ottawa before.
These people were going above and beyond to stand out. This competition started not long after an assessment from the federal government indicated that landlords in the city were boosting rents as reactions to a rental market that was beginning to dry up. Management Residential Properties Ottawa
People at this time had immense difficulties tracking down Ottawa apartments for rent. It was often more difficult than actually buying properties. Individuals who were trying to rent had no option but to resort to rather “do-or-die” tactics.
At Strongback, an Ottawa property management company, we were getting over fifty calls a day for Ottawa rentals and viewing after listing a rental on places like Kijiji and our website. These days it’s easier to find a commercial rental building for sale than it is to find an apartment rental. The fact of the matter is that Ottawa’s rental market is red-hot, with more demand than vacancies.
A Closer Look at Ottawa Difficult Home Rental Market
We spoke with a real estate agent that is a big player in the real estate sector in the city. He does a lot for a real estate transaction for his agency. His assessment of the rental situation in nation’s capital is the same. Prices are up over twelve percent from year to year.
According to a study published by McGill University, over a thousand homes have been taken off the Ottawa rental market and turned into short term home-sharing rentals. So that fact does not help the Ottawa difficult home rental market.
The agent’s conclusion was that rates for rentals continue to go through a massive spike. The spike started in the span of one single year. It began around the late spring of 2017, and it’s showing no sign of ending anytime soon. Cutthroat competition for rental units in Ottawa is now the norm.
The Canada Mortgage and Housing Corporation come out with a thorough assessment each autumn. The organization’s evaluation noted that vacancy amounts had gotten markedly lower. People who analyzed the assessment in detail found out that typical two-bedroom unit price tags had gotten steeper as well. The group’s team members took many diverse factors into consideration. They even paid attention to rental condominiums and townhouses that consisted of two separate bedrooms in total.
Websites That Feature Listings for Ottawa Property Management
Kijiji Canada is the name of a widely known classifieds website that operates in the Ottawa and Gatineau regions. The site discovered that typical prices for rentals spiked from the summer of 2018 into the summer of the following year. Amounts of wanted advertisements that pertained to rental properties became much more plentiful throughout that specific range, too. This boost was considerable.
Insight From Consummate Professionals
The management that runs the show in the jobs and real estate sector for Kijiji Canada stated that the company views Kijiji patterns as a tool for the assessment of crazes within the nation’s substantial real estate division.
They stated that the current craze in the real estate realm isn’t going to cool down any time in the near future. This real estate guru expresses that the figures that people identify can offer substantial insight.
The insight relates to everything from the overall market to actual limitations. It’s becoming increasingly difficult for individuals all over Ottawa to be able to come across affordable rental properties that are suitable for their lifestyle requirements and aims. Available units are all in the higher price category. Prices for rentals are nowhere as forgiving as they have been in the past. Factors like these all contribute to a real estate scene in the city that’s rather taxing.
Selecting the Perfect Property Management Company is important. Competitions among individuals who are searching for rental properties are becoming more common. Things may remain on this same track for quite an extended period. You should also explore why you should rent instead of buying a home. Contact us about tenants screening and finding you a perfect tenant.