Kelowna rental rates remain high

Padmapper has listed Kelowna in the Top 10 most expensive rental markets

It’s still pricey to be a renter in Kelowna.

For the third month running, Padmapper ranked Kelowna the 6th most expensive rental market in Canada with the prices of one and two bedroom units settling at medians of $1,130 and $1,590, respectively.

Since this time last year, the price of one bedrooms in the city is up 15.3 per cent.

RELATED: RENTAL RATES RISE

Overall, of the 25 cities in the November Rent Report, eight experienced a bump up in the rankings, six dropped down, and 11 had no change. Notably, the top 10 markets had the largest year over year changes in the country, ranging between 10 per cent – 16 per cent, with six of the 10 cities to experience this.

Top 5 Most Expensive Markets

  1. Vancouver, BC, though experiencing relatively stable rent prices this month with one bedrooms falling 1.9 per cent to $2,080 and two bedrooms staying stable at $3,200, remained the most expensive city in Canada. On a year over year basis, however, one bedroom prices are up 14.3 per cent.
  2. Toronto, ON rent saw a similar trend to Vancouver’s with fairly flat monthly rates, one bedrooms here dropped 1 per cent to $1,920 while two bedrooms increased a slight 0.4 per cent to $2,440, and a large yearly growth rate, two bedroom prices are up 14.6 per cent since this time last year.
  3. Barrie, ON ranked as third with one bedroom rent growing 3.2 per cent to $1,290 and two bedrooms increasing 3.3 per cent to $1,570. One bedroom prices here are up over 15 per cent since this time last year.
  4. Victoria, BC had the largest monthly rental growth rate in the top 10 markets with one bedrooms climbing 5 per cent, settling at $1,270, and up one spot to rank as 3rd. Two bedroom prices had a smaller bump, increasing 0.6 per cent to $1,570.
  5. Montreal, QC fell down one spot and behind Victoria to rank as the 5th priciest city. One and two bedrooms in this city settled at $1,240 and $1,600, respectively.

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kmichaels@kelownacapnews.com

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