(Contributed/Zumper)

(Contributed/Zumper)

Kelowna’s rental rates 4th highest among Canadian cities

The price of a two-bedroom apartment in Kelowna is only $70 less than in Toronto

Renters in Kelowna are now paying more than their Victoria counterparts and less than only three other Canadian cities.

Kelowna’s monthly rental prices spiked slightly in October, according to Zumper’s monthly analysis, but a decline in Victoria rents saw Kelowna claim the fourth highest spot.

The average one-bedroom rent in Kelowna increased by 0.6 per cent since last month to $1,610, while two bedrooms increased by almost five per cent, jumping to $2,180. The price of two-bedroom units in Kelowna is up 24.6 per cent since this time last year.

According to Zumper’s data, Kelowna holds the third-highest rental rates for two-bedroom units, only $70 behind Toronto’s $2,250.

Kelowna rental rates are only topped by Barrie, Toronto and Vancouver, where the going rates for one-bedrooms are $1,700, $1,800 and $2,130 respectively.

Zumper’s Canadian Rent Report analyzes hundreds of thousands of active listings across the country on a monthly basis and aggregates those to calculate median asking rents for Canada’s 24 most populous metro areas.

READ MORE: Council to look at 13-storey building planned for old Kelowna RCMP precinct


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

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KelownaOkanaganrental market