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.
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.
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.
Reporter, Kelowna Capital News
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