According to the Canada Mortgage and Housing Corporation, the number of available Ottawa apartments for rent increased in 2012. Vacancy rates rose 1.1 per cent when compared to 2011, landing at 2.5 per cent at years end. The reason for the increase in apartment rental vacancies is because less people are looking to rent apartments in the city. With the low interest rates and the increase in condominiums being raised in Ottawa, people are taking advantage and investing their money in owning a home or condo. The average cost of renting a two-bedroom apartment also rose two per cent, which may have also contributed to increasing vacancy rates in 2012. This increase in rent however, was actually lower than the 2.3 per cent increase in the previous year.
Ottawa Apartment Rental Vacancy Rate Expected to Fall
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