Kelowna has been ranked as the 17th most expensive city to rent an apartment in Canada.
According to a national rental report for October, a one-bedroom apartment costs $1,374 per month on average while a two-bed apartments costs $1,634 per month.
Kelowna was one of five British Columbian cities on the list, ranked behind Vancouver, Burnaby, Westminster and Victoria.
#Kelowna finished right in the middle at 17th of 34 cities for average monthly rent for a one-bedroom home at $1,374 and a two-bedroom at $1,634, according to the October National Rent Report produced by https://t.co/g9v7bZSz8g and Bullpen Research & Consulting. @KelownaCapNews pic.twitter.com/isjXScFP8Y
— Daniel Taylor (@DanTaylorKCN) October 15, 2019
On a provincial level, British Columbia finished second to Ontario, where the average monthly rental rate is $1,912 per month and $2,334 per month, respectively.
British Columbia saw rental rates increase by 6.5 per cent for the third quarter, following a jump of 12 per cent in the second quarter of 2019. Part of this rapid increase can be attributed to a rise in the number of condo apartment listings in the province in the third quarter, according to the report.
“Housing affordability continues to be a hot button issue with voters going into the federal election,” said Ben Myers, president of Bullpen Research and Consulting.
“And potential policy changes that would make it easier for first-time buyers to purchase a home may take the pressure off the rental market, which continues to rise nationally, despite the market softness in the prairie provinces.”