Working with Investors in rental units is one of my passions; here's the latest numbers from a article from todays Ottawa Sun:
"It was more difficult to find an apartment in Ottawa last April than it was during the same month in 2009, but across the river renters could pick and choose.
According to a survey conducted by the Canada Mortgage and Housing Corporation (CMHC), the average vacancy rate for apartments in Ottawa decreased slightly to 2.4% in April compared to 2.7% in the same period last year.
Bachelor apartment vacancies increased from 2.4% to 3.4%; one-bedroom apartment vacancies dropped from 2.5% to 2.4%; two-bedroom flats went from 2.9% to 2.3%; and three-bedroom apartments had a vacancy rate of 1.6% in April 2010. CMHC did not report a vacancy rate for these apartments in 2009.
Rent also increased in all classes of apartments in Ottawa over the past year.
Bachelors went from an average of $669 to $688; one bedrooms from $817 to $873; the average rent for two bedrooms increased from $995 to $1,061; and three bedrooms jumped from $1,213 to $1,252.
“Two factors that worked to boost conventional rental demand this spring include fewer apartment completions and a recovering job market,” said Ted Tsiakopoulos, CMHC’s Ontario regional economist.
In Gatineau, more doors opened for prospective renters.
The average vacancy rate for apartments there increased 2.8% in April over the same month in 2009.
Bachelor apartment vacancies increased the most from 1.7% to 5.8%, the largest vacancy rate of all sizes of apartments.
One-bedroom flats went from 1.8% to 2.8%; two-bedrooms from 2.3% to 2.7%; and three-bedrooms from 1.3% in 2009 to 2.0% this year.
In all, there was a 2.8% vacancy rate in Gatineau this year compared to 2% in April 2009.
Gatineau rent also increased, but the average price was significantly less than in Ottawa.
Bachelors rose from an average of $503 to $515; one bedrooms from $577 to $602; two bedrooms averaged $690 last year and $713 in 2010; and three bedrooms increased by an average of just $12 from $786 to $798.
The relatively weak job market in Quebec for young people and the movement to homeownership both contributed to the Gatineau numbers, according to Kevin Hughes, Quebec regional economist with the CMHC.
scott.taylor@sunmedia.ca
As you can read..three bedroom units are the most in demand at the moment....