Kelowna is now the sixth most expensive place to rent a home.
PadMapper has released their Canadian National Rent Report for September, analyzing hundreds of thousands of rental listings in the 25 largest cities in the country.
In the report Kelowna moved up the monthly Top 10 for most expensive rental markets, outpacing Ottawa to rank as the sixth most expensive city in Canada with one bedroom rent growing 3.8 per cent to average $1,100.
Two bedroom rent is no better, of course. It’s $1,580 which is 12.9 per cent more expensive than it was this time last year.
Of the 25 cities in the September Rent Report, 13 experienced increasing prices, eight decreased, and four had no change.
Top 5 Most Expensive Rental Markets
1. Vancouver, BC remained the most expensive rental market in the nation with one bedroom’s priced at a median of $2,020, which is up 1.5 per cent from last month. Two bedrooms, on the other hand, saw a 1.3 per cent decrease in rent, settling at $3,160.
2. Toronto, ON followed behind Vancouver as second with the price of one bedrooms growing 4.3 per cent to $1,930 and two bedrooms decreasing a slight 0.4 per cent to $2,440. The price of one bedrooms here is up 15.6 per cent since this time last year.
3. Barrie, ON ranked as third with one and two bedrooms settling at medians of $1,200 and $1,450, respectively, this month. Notably, one bedroom rent had a large yearly growth rate, up 15.4 per cent.
4. Montreal, QC rent for one bedroom units grew 3.5 per cent to $1,190, while two bedroom rent increased 1.3 per cent to $1,520, ranking as the fourth priciest in the country.
5. Victoria, BC had the largest monthly rental growth rate in the top 10 markets with one bedrooms up 4.5 per cent to $1,150. Two bedroom rent increased 0.7 per cent to $1,490.