Kelowna rental rates least expensive among major B.C. cities

Kelowna rental rates least expensive among major B.C. cities

The average monthly rent for a one-bedroom unit in Kelowna is $1,233

Kelowna is one of the least expensive cities in British Columbia to rent an apartment, according to a national report by Rentals.ca and Bullpen Research & Consulting.

According to the report, Kelowna is the least expensive city for a one-bedroom unit and next to last for a two-bedroom unit out of the seven British Columbia cities listed. North Vancouver is the most expensive city for a one-bedroom unit.

The report stated the average monthly rent for a one-bedroom unit in Kelowna is $1,233, while the average monthly rent for a two-bedroom unit is $1,912.

READ MORE: Average real estate prices in Kelowna jumped by 70 per cent between 2012-2018

READ MORE: Population growth driving Kelowna’s economy

In comparison, the average monthly rent for Canadian properties in October was $1,940 per month, a decrease of 0.7 per cent month-over-month, but an increase of 5.5 per cent year-over-year.

On a provincial level, Ontario had the highest rental rates in October, with landlords seeking $2,334 per month on average (all property types), which is unchanged month-over-month, but increased by 9.1 per cent annually. B.C. finished second for average rent for all property types at $1,960.

“Annual rent growth in Canada continues to exceed inflation,” said Ben Myers, president of Bullpen Research and Consulting. “The national figures are propped up by hot markets in Ontario and B.C., which are still suffering from a lack of new supply.”

In terms of cities, Toronto’s monthly rent edged up slightly to $2,320 to remain the priciest city for renters for a one-bedroom home, while Vancouver had the highest rents for a two-bedroom at $2,446.

To report a typo, email:
newstips@kelownacapnews.com
.


@KelownaCapNews
newstips@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

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

Just Posted

Five properties have been added to the Lake Country fire protection zone, after council moved to expand the local service area Tuesday, May 4, 2021. (Google Maps)
Lake Country expands fire protection zone, covering 5 exposed properties

The properties petitioned to join the local service area after being left out ‘for reasons unknown’

VSAR’s Air Rescue One unit assisted in a rescue in West Kelowna May 3, 2021. (VSAR screenshot)
VIDEO: VSAR’s Air Rescue One team assists in West Kelowna Rescue

The Vernon Search and Rescue helicopter team pulled off a successful rescue Monday

Peachland resident and cleanup volunteer Lloyd Stinson Sotas holds up a discarded TV riddled with bullet holes. (Aaron Hemens/Capital News)
PHOTOS: Peachland residents clean up community watershed

More than 70 people gave back to Mother Earth by assisting with the cleanup

Kelowna Toyota is located at 1200 Leathead Road. (BLack Press Media file)
Kelowna Toyota’s auto service department closed due to COVID-19 exposure

The dealership’s sales department is still open and is operating under regular business hours

COVID-19. (Image courtesy CDC)
Kelowna OK Tire closed due to COVID-19 exposure

The business will remain closed until May 11

Two e-scooters parked on the sidewalk along Water Street in downtown Kelowna on Monday, May 3. Scooters parked on walkways are causing accessibility issues for some people with disabilities. (Michael Rodriguez/Capital News)
Black Press Media Weekly Roundup: Top headlines this week

Here’s a quick summary of the stories that made an impact from May 3 to 5

City of Vernon Coun. Dalvir Nahal proposed two blocks of Main Street be closed to bolster recovery for downtown businesses amid the COVID-19 pandemic. (Caitlin Clow - Vernon Morning Star)
Vernon’s ‘support local’ Main Street closure would cost city $24K, staff say

Bylaw costs, loss of parking revenue and equipment logistics behind price tag

Officials are surveying the streets of Vernon to get a better sense of the issue of homelessness in the city, as part of the province’s point-in-time homeless count for 2021. (Brendan Shykora - Morning Star)
Province conducts homeless count in Vernon

It’s the first time Vernon has been included in the provincial homeless count

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

A proposed development would see two four-storey affordable housing complexes erected on Adair Street in Armstrong, next to the Nor-Val Arena. (Google Maps)
Local tenants to be prioritized for Armstrong affordable housing project

Staff have drafted an expression of interest to find a developer to move forward with on the project

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

The dash cam footage, taken May 7 at 8:18 a.m. belonged to the driver of a southbound vehicle that recently travelled out of the tunnel. (Reddit/Screen grab)
VIDEO: Dash cam captures dramatic rollover crash on Highway 99

Only one person sustained injuries from the collision, says B.C. Ambulance Services

Most Read