Kelowna is the 14th most expensive city to rent an apartment in Canada, according to a recent rental report.
According to the report from Rentals.ca, the average monthly rent for a one-bedroom unit in the city was $1,313 in December, compared to $1,390 across the rest of the country.
The average cost for a two-bedroom unit in Kelowna was $1,961, whereas the national average was $1,742.
The report states that rental affordability is expected to get worse in Ontario and B.C. this year, despite the increase in new rental apartment construction and the crackdown on empty units and AirBnB in several markets.
The report also stated many young tenants are looking for communities where they can live without needing a car or having a long commute. Many young tenants are also competing with baby boomers, who are looking to downsize and are also looking for more rental apartments.
“Many Canadians both young and old are choosing to rent for lifestyle reasons,” president of Bullpen Research & Consulting Ben Myers said.
“Developers across the country are recognizing this shift in mentality away from homeownership, as the number of rental apartment starts topped 54,000 in Canada in 2019, marking the 10th consecutive year of rising new construction activity.”