In the last year, the price to rent a one bedroom apartment in Kelowna has risen by 15.5 per cent.
Kelowna ranked as the sixth most expensive rental market in the nation this October, with the prices of one and two bedroom units settling at medians of $1,120 and $1,590, respectively.
It’s significantly more affordable than the cities that made up the Top 3 most expensive markets in Canada. Top of the list is Vancouver, which sees one-bedroom rentals listed at a median price of $2,120 and Toronto was second with one bedrooms coming in at $1,940.
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Overall, of the 25 cities in the October Rent Report, 15 experienced increasing prices, seven decreasing, and three with no change. The top markets stayed relatively stable in rankings this month while mid and lower tiered markets were more volatile. However, in terms of year over year prices, the top 10 markets had some of the largest spikes throughout the whole country. Check out how rent in your city has changed.
Top 5 Most Expensive Rental Markets
- Vancouver, BC continued to rank as the most expensive rental market in the nation with the second fastest growing one bedroom rent this month, up five per cent to $2,120. Two bedroom rent saw more modest growth, climbing 1.3 per cent to $3,200.
- Toronto, ON, inching closer to the $2,000 threshold for one bedrooms, saw rent increase a slight 0.5 per cent to $1,940. Two bedroom prices, on the other hand, dropped 0.4 per cent to $2,430.
- Barrie, ON ranked as third with one bedroom rent climbing 4.2 per cent to $1,250, while two bedrooms grew 4.8 per cent to $1,520.
- Montreal, QC one bedroom rent was the fourth most expensive in the nation, growing 3.4 per cent to $1,230 . Two bedroom prices also saw an increase, up 3.3 per cent to $1,570.
- Victoria, BC had the fastest growing one bedroom rent in the nation, climbing a whopping 5.2 per cent to $1,210. Two bedroom rent also had a large monthly growth rate, up 4.7 per cent to $1,560.
The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 25 most populous metro areas, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication.