Ottawa rent prices drop 3 per cent in November, report shows

For rent and for sale signs are displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. (Sean Kilpatrick / The Canadian Press)

The average cost to rent an apartment in Ottawa dropped $36 a month in November, as rental rates dropped across Canada.

A new report from Rentals.ca and Urbanation shows the average cost to rent an apartment in Ottawa was $2,171 a month in November, down from $2,207 in October and $2,220 in September.

The average rent for a one-bedroom apartment was $2,019 in Ottawa in November, down from $2,045 a month in October.

Average rents for a bachelor apartment in Ottawa were $1,661 in November ($1,674 in October and $1,722 in September), and $2,511 for a two-bedroom apartment ($2,536 in October and $2,570 in September).

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Ottawa's average rent was $2,238 in November 2023, with a one-bedroom costing $2,112 a month.

Across Canada, the average rent fell 1.6 per cent to an average of $2,139 a month in November.

"Apartment rents fell over the past year in Canada’s five largest markets, led by a 9.4 per cent annual decline in Toronto to an average of $2,640 — a 28-month low," Rentals.ca and Urbanation said in its report.

"Ottawa joined in with a 3.0 per cent annual decrease in apartment rents to an average of $2,171."

Vancouver has the highest average rent in Canada at $2,888, with a one-bedroom costing $2,555. Toronto is second with an average rent of $2,640, followed by Mississauga at $2,568 a month.

The average rent in Gatineau dropped to $2,039 a month in November from $2,010 in October, with a one-bedroom costing $1,750 a month.

In Kingston, the average rent dropped $55 a month to $1,901, with a one-bedroom costing $1,764 a month.

"Overall, the recent decline in rents has been very mild and is allowing affordability to improve following a rapid escalation in rents over the past few years," Shaun Hildebrand, president of Urbanation, said in a statement.

"Declines so far are mainly focused within the secondary market for condos and houses, mostly in B.C. and Ontario, while purpose-built rents are stable."