The average cost to rent an apartment dropped slightly in Ottawa in January, but renters are still paying more than $2,000 a month for a one-bedroom and two-bedroom apartment.
A new report from Rentals.ca and Urbanation shows the average cost to rent a purpose-built apartment or condominium in Ottawa was $2,219 a month in January, down from $2,228 in December and $2,238 in November.
"Ottawa rents were up 9.1 per cent year-over-year to an average of $2,219, driven by an 11.1 per cent increase in two-bedroom rents," the report says.
According to the report, the average cost to rent a one-bedroom apartment in Ottawa was $2,045 last month, down from $2,069 in December.
The average asking rent for a two-bedroom apartment in Ottawa was $2,500 a month in January, down from $2,532 a month in December.
Ottawa ranks 10th on the list of Canadian cities for the most expensive rent in Canada. Vancouver has the highest rent, with an average rent of $3,055 a month. The average rent in Toronto is $2,830 a month for a purpose-built apartment or condominium.
The report shows Kingston has the 13th highest rents in Canada, with an average rent of $2,107 a month in January. The average cost for a one-bedroom apartment in Kingston is $1,878.
Renters in Gatineau are paying a average of $1,795 a month for a purpose-built apartment or condominium, with a one-bedroom costing an average of $1,710 a month.
The report from Rentals.ca and Urbanation shows the average asking rents for all residential properties in Canada reached a record high in January of $2,196 a month.
"Compared to January 2020, before the onset of COVID-19 lockdowns, average asking rents in Canada have increased by 20 per cent or $373 per month."
