In the March PadMapper Canadian National Rent Report, Kelowna has dropped down to seventh most expensive rental market in Canada.
For a one bedroom in Kelowna, the median price is $1,320 a month, which is a 14.8 per cent increase from the market from this time last year. A two bedroom rental in Kelowna has a median price of $1,600 per month.
#Kelowna rental market prices up 14.8% from this time last year. What are some solutions? pic.twitter.com/AN17hYlu4R
— Mack Britton (@MackBrittonBC) March 14, 2019
READ MORE: Kelowna moves to 6th most expensive rental market in Canada
Kelowna ranked sixth in February’s report, but has since been passed by Barrie, Ont. The report from PadMapper analyzes thousands of listings to examine rent prices from across the 24 largest cities in the country.
Kelowna has been in Top 10 for all three months of 2019.
READ MORE: Kelowna council moves ahead with regulations for short-term rentals, with a caveat
The issue of affordable rentals has been a topic of discussion in Kelowna, as well as other parts of the Okanagan, for over a decade.
The regulation of short-term rentals, like Airbnb, has been addressed issue to reduce the severity of expenses for Kelowna renters and residents.
The City of Kelowna plans to bring in more strict regulations on short-term rentals in the summer.
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