Despite a wave of new projects, local developers in Ottawa say they have no plans to scale back apartment construction in 2020 as demand for units continues to rise.
Recently, PadMapper released a year-end report with one of the study’s key findings that it saw Ottawa rank the third-highest year-over-year increase in one-bedroom rents at 15.2 per cent in 2019.
Real estate experts say the capital’s rental market can be attributed to factors. A region with a booming tech scene and an unemployment rate below five per cent is drawing an influx of well-paid itinerant workers who prefer to rent rather than buy, they note. Meanwhile, more and more aging empty-nesters are selling their homes and opting to move into apartment buildings, where a growing number of their neighbours are millennials who can’t afford the down payment for a home in the capital’s equally robust housing market.
Developed and professionally managed by Colonnade Bridgeport, the modern, bright, and brand new – Hintonburg Connection apartment rentals offer an urban lifestyle in this historic & eclectic neighbourhood. Designed by award-winning, Ottawa-based Hobin Architecture, Lockourier is proud to be part of its cutting-edge amenities offered to its residents occupying the 212 unit suites at the 19-story highrise tower.
See what else we can do to your multifamily residentials, connect with our representative here.
Source: https://obj.ca/article/room-lot-more-buildings-booming-ottawa-rental-market
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