Mission Group Rentals Ltd. got the OK from Kelowna city councillors to move forward with its mixed-use purpose-build rental apartment building for West Avenue in Pandosy in June, 2019. (Mission Group)

Kelowna ninth most expensive city for rent in Canada, report says

The average roommate needs to earn almost $20 per hour to afford rent

Kelowna’s average rent prices for a two-bedroom property has increased by 3.3 per cent to $1,878 since July, according to a recent report.

This places Kelowna ninth out of 37 cities in Canada on a list of the most expensive places to live; only Vancouver (first place) and Burnaby (fifth place) surpassed Kelowna as the other most expensive B.C. cities for renting, according to Rentals.ca’s August National Rent report.

According to the researchers, the rise of rent is harming middle class and low-income renters.

“This means the people who can least afford an increase in their monthly housing costs are the ones being subjected to the highest rent inflation,” president of Bullpen Research and Consulting Ben Myers said.

READ MORE: Real estate consultants predict renting in Kelowna will get easier

If two Kelowna residents split the cost of an average rental unit, listed at $1,878, each roommate would pay $939.

Adhering to the national rule-of-thumb that rent is 30 per cent of an inhabitant’s income; this would mean that each roommate makes $3,130 per month.

Per hour, each roommate would need to make $19.56 and work 40 hours a week to afford the average rent price in Kelowna.

Average B.C. rent has increased a collective five per cent in June and July, bringing the provincial average to $1,889.

However, there may be a silver lining to the most recent report — it stated:

“As more than 250,000 new housing units are added to the Canadian market, the rent growth experienced since early 2018 should slow down. This is near the highest level of construction in the country in over 25 years.”

The National Rent Report charts and analyzes national, provincial and municipal monthly and quarterly rental rates and market trends across all listings on Rentals.ca for Canada.

The figures represent the actual rents a potential tenant would encounter when seeking to rent an apartment, according to Rentals.ca.

READ MORE: Fuhr, Gray weigh-in on Trudeau’s SNC-Lavalin ethics violation

Another study showed Kelowna one spot higher on the list.

Padmapper’s latest Canadian National Rent Report showed Kelowna as the eighth most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,280 and $1,730, respectively.

That report also found the price of two bedrooms is up 11.6% since this time last year.

(Padmapper)



David Venn
Reporter, Kelowna Capital News
Email me at david.venn@kelownacapnews.com
Follow us on Facebook | Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

TOTA and Community Futures join forces support Okanagan businesses amid COVID-19

The initiative is to rebuild a resilient tourism industry in the wake of the COVID-19 pandemic

Morning Start: Dogs can smell cancer

Your morning start for Tuesday, July 7, 2020

Central Okanagan Foundation invests over $230,000 in local charities

The funds came from the organization’s spring 2020 grants

Shoppers Drug Mart launches in-store virtual service at several B.C. stores

The service is now available in 12 rural B.C. communities and will expand province-wide in August

Peachland photographer thankful for community support

‘I share my photos because I want others to enjoy Peachland too,’ Rhonda Johnson said

B.C. records 31 new cases, six deaths over three days due to COVID-19

There are 166 active cases in B.C., 16 people in hospital

96-year-old woman scales B.C. butte with help of family, friends

‘I did as I was told and I enjoyed every minute of it’

Parallel crises: How COVID-19 exacerbated B.C.’s drug overdose emergency

Part 1: Officials say isolation, toxic drug supply, CERB, contributing to crisis

Canadians with disabilities disproportionately hit by COVID-19 pandemic

More than four out of 10 British Columbians aged 70 and up have various disabilities

Camping offers a great pandemic escape, for less money than you might think

But for many first-timers, knowing what to bring can be a challenge

Turbulence in Canadian opinion on airlines COVID-19 response: poll

Thousands of people have beseeched Transport Minister Marc Garneau to compel airlines to issue refunds,

Lower Mainland woman says llama farming neighbour shot her 11-month-old pup

Young dog was on owner’s Maple Ridge property when it was killed on June 21

Most Read