Ottawa rents drop 3 per cent in 2024: Here's how much it costs to rent an apartment

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)

Ottawa renters found some relief in the rental market to end 2024, as rental rates fell in Ottawa and across Canada.

The January rent report from Rentals.ca and Urbanation shows the average cost an apartment in Ottawa was $2,165 a month in December, down from $2,171 in November 2024 and $2,228 in December 2023.

"Ottawa maintained its spots as the third most expensive among Canada's largest markets, posting a relatively mild 2.8 per cent decrease in average apartment rents last year," the report says.

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The report shows the average rent for a one-bedroom apartment in Ottawa was $2,016 in December, down from $2,019 in November.  In December 2023, the average cost to rent a one-bedroom apartment in the capital was $2,069.

Average rents in Ottawa in December ranged from $1,646 for a bachelor to $2,498 for a two-bedroom apartment.

Across Canada, the average asking rents for all residential property types was $2,109 in December, down 3.2 per cent from December 2023. The report says asking rents reached a 17-month low.

"The rental market softened across most parts of the country last year following record-breaking growth in 2022 and 2023 and amid multi-decade highs for apartment completions, slowing population inflows, and a weakening economy,” Shaun Hildebrand, president of Urbanation, said in a statement.

"“Current trends suggest rents may experience further decreases in 2025, which so far have been focused on secondary market units. However, any rent declines should be temporary and remain minimal mostly due to a long-term undersupply of rental units in the country, with rents set to accelerate in the coming years as the current slowdown in construction works to restrict supply.”

Vancouver has the highest average asking rent in Canada, at $2,882 a month. The cost for a one-bedroom apartment in Vancouver was $2,530 a month in December.

Toronto is second, with an average asking rent for $2,732, followed by Mississauga at $2,551 and Burlington at $2,405 a month.

The average asking rent in Gatineau was $2,002 a month in December, including $1,781 for a one-bedroom apartment.

In Kingston, the average asking rent in December was $1,896 a month. The cost to rent a one-bedroom apartment in the city is $1,787 a month, while a two-bedroom rent averages $2,061 a month.