Average rent for 1-bedroom apartment in Ottawa drops below $2,000 in May

A for-rent and a for-sale sign are displayed on a house in a new housing development in Ottawa on Friday, Oct. 14, 2022. THE CANADIAN PRESS/Sean Kilpatrick

The average cost to rent a one-bedroom apartment in Ottawa dropped below $2,000 a month in May for the first time since last summer, as renters found some relief on the market.

The monthly rental report from Rentals.ca and Urbanation shows the average rent for a one-bedroom apartment in Ottawa was $1,994 in May, down from $2,016 in April and $2,024 in March.

A one-bedroom apartment rented for $1,989 a month last July.

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The cost to rent a two-bedroom apartment was $2,559 in May, down from $2,589 in April.

According to the report, the average rent for an apartment or condominium in Ottawa was $2,239 in May, up from $2,220 in April and $2,219 in March.

Ottawa was the only major Canadian city to see an annual increase in rental rates.  In May 2024, the average rent across all apartment types in Ottawa was $2,149, and a one-bedroom apartment rented for an average of $1,982.

Across Canada, the average asking rent for all residential properties was $2,129 in May, down 3.3 per cent from May 2024.

“The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” Shaun Hildebrand, President of Urbanation, said in a statement.

“Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.”

Vancouver has the highest average rent in Canada at $2,839 a month. A one-bedroom apartment rented for $2,544 a month in May.

Toronto has the second highest asking rent in Canada at $2,606 a month, with a one-bedroom costing $2,302 a month.

The average rent in Kingston was $2,076 a month in May, with a one-bedroom apartment costing an average of $2,025 a month.

In Gatineau, the average rent in May was $1,973 a month.

Kanata and Gloucester

The cost to rent an apartment in Ottawa’s suburbs dropped in May.

According to the report, the average asking rent was $2,439 a month in Kanata. That’s down from $2,478 a month in April.

The average asking rent in Gloucester dropped from $2,286 in April to $2,218 in May.

Kanata and Gloucester have the most expensive rental rates for areas outside of the Greater Toronto Area.