Are you thinking about a new real estate venture in Ottawa? Do you want to expand and diversify your portfolio? Ottawa could be the best city for your next property investment.
While Ottawa has many attractions to a potential investor, one of the biggest draws is the cost of entry. Compared to other hot property markets, like Toronto, Ottawa is easier on the pockets. In addition, it offers a wide range of options, from condos to townhouses to single-family homes.
As a potential landlord, you want to invest in an area that has high renter demand. Over the years, Ottawa’s real estate has reflected single-digit vacancy rates in its rental markets. You can expect strong demand for your rental property should you decide to invest in Ottawa real estate.
There are various Ottawa neighbourhoods you should highly consider investing in. However, you need to be conscious of the fact that each neighbourhood has different appealing factors or characteristics. You should consider multiple areas while you find the property that is the best for you.
Unsure of where to start looking? This is the article for you. We’ll walk through the various neighbourhoods in Ottawa you might want to consider investing in.
Downtown Ottawa is close to the main business district of the city, making it a preferable place to live for many renters. There is also an abundance of businesses and amenities in the area such as grocery stores, movie theatres, and malls. Residents won’t have to go far for groceries, good food, or a fun night out.
Apart from that, there are also government buildings in this neighbourhood, which is helpful for the many government workers commuting to and from work each day. Other businesses thrive in this neighbourhood and bring in a large population. These include high-quality restaurants, hotels, and pubs.
Should you decide to invest in the downtown area, you will likely see high demand and consistent income.
This neighbourhood has a different atmosphere compared to Downtown Ottawa. It has a mix of commercial and residential properties, including traditional single-family homes and condominiums.
If you have a love for history, you might consider investing in Centertown. The Canadian Museum of Nature is a local favorite. In addition, many people come from outside of the city to appreciate the rich history of the area.
The presence of the Rideau Canal, as well as cross-town transit options, make it easier for people to make the commute to various destinations. Centertown also has a number of restaurants, bars, and nightclubs that residents will appreciate having access to.
The balance of amenities in this neighbourhood means a lot of people are hoping to rent a space here. As an investor, you will have a good range of options to choose from.
ByWard Market and Lower Town
This area is home to the city’s most notable bars and restaurants. People from all over the city make their way to this neighbourhood to have a good time and many would happily consider making ByWard Market and Lower Town area their home.
This neighbourhood has some great food options outside of the restaurant scene, too, with quality grocery stores available to its residents.
The diversity of culture within the neighbourhood makes it attractive to new residents. Regardless of background, one can easily fit in. In addition, residents get to enjoy the strong French culture through the various establishments in the area.
This neighbourhood is known for its closeness to the University of Ottawa meaning that the majority of its population is made up of students and recent graduates. Setting up rental units for students is also a profitable investment to try out for the non-traditional property investor. Before you rent out your property, ensure that it has the amenities that the student population would want.
Apart from that, there are numerous restaurants and bars within the neighbourhood. People love to live in Sandy Hill because of its proximity to Downtown Ottawa.
Old Ottawa South and the Glebe
These are the most prosperous residential neighbourhoods that you would consider investing in Ottawa. From the many parks to Colonial-era buildings to organic food shops, these neighbourhoods have what tenants are looking for in a rental space and community.
Access to Rideau Canal is great for cycling along or running, especially in the summer season. The same canal transforms in the winter to become an ice skating spot for residents and visitors. It is one of the best places in Ottawa to make beautiful memories.
Gatineau and Hull
While technically located across the border, Gatineau is a neighbourhood still worth putting on our list. One of the biggest attractions of Gatineau and Hull is the cost of entry. Compared to other options in this list, the neighbourhood is relatively affordable. For a new investor with a limited budget, this might be ideal for you.
Gatineau and Hull can also be considered tourist attractions because of the presence of the Museum of History as well as Gatineau Park. Guests from far and wide come to visit the Museum and learn about the history of the region.
There are various neighbourhoods you should consider investing in. It could be Downtown Ottawa, Centertown, ByWard Market and Lower Town, Sandy Hill, Old Ottawa South and the Glebe, or Gatineau and Hull.
If you feel overwhelmed or find it difficult to identify the ideal neighbourhood, you can always consider working with a local property expert. At Rent In Ottawa Property Management, we have a highly skilled team that has years of experience in the property industry. We can help you identify the perfect neighbourhood that matches your investment goals. Contact us today!