The average monthly rent for a one-bedroom apartment in Kelowna is slightly higher this month compared to last, despite the ongoing global COVID-19 pandemic.
According to Padmapper’s monthly Canadian rent report, a one-bedroom apartment will cost $1,420 a month, up 1.4 per cent from last month. Since last year, that price has gone up by 7.6 per cent.
On the other hand, the average cost per month for a two-bedroom has gone down 0.7 per cent over the last month, now sitting at $1,700, but still retains a 3.6 per cent increase since last year.
The report plots Kelowna as Canada’s eighth most expensive rental market.
Despite the relatively steady prices in Kelowna so far, prices could go down as the pandemic continues.
“We expect the coming spring months to continue to slow down as rents will most likely feel downward pressure from the lack of demand,” read the report.
However, the number of short-term properties nationwide, which Padmapper defines as a minimum lease of fewer than four months or an option for month-to-month, have grown about 20 per cent last month.
“It seems short-term property owners originally renting out to travelling guests are now marketing their properties to longer-term flexi-stays in response to the collapse in demand from travellers.”
Across the country, nine cities experienced an upward trend, six downward and nine remained flat, and the changes those cities experienced were relatively small.
Visit Padmapper’s site to read the full report.