Oalville Apartment Market

Oakville has only 100 apartment buildings containing 4,395 apartments, but has a total population of 165,613 people, giving the town an apartment rate of 2.65 apartments per 100 people. This rate is low for major Ontario cities and towns and is roughly half that of Burlington which has almost the size population. Almost half (49%) of apartment buildings in Oakville are less than 20 units in size, while the town contains only two buildings larger than 200 units—this town is dominated by small and medium sized rental apartment buildings. 

Oakville has an extremely low overall vacancy rate of 2.0% but it is worth noting that bachelor units in the town have an average vacancy rate of 3.6% which shows demand is low for this apartment style. Oakville has one of the highest average rents in Ontario at $1,096, while the overall average rent for townhouses is $1,183. Average rents range from $979 for 1 bedroom apartments to $1,319 for 3+ bedroom apartments, while townhouses average at $1,247 for 3+ bedroom townhouses.

Oakville has low vacancies and high average rents which makes the town one of the most attractive markets in Ontario for investors. Oakville is one of the GTA’s oldest suburbs and is a mature market for investors and renters alike. Most apartment buildings date from before rent control but the heritage district and prestigious downtown offer opportunities for older rental apartment buildings to ask rents normally achievable only in new buildings. Not much land is available for new apartment construction so redevelopment will be the name of the game in the future, although parts of Oakville have citizen groups which actively attempt to restrict new development.