Rental costs in Kelowna on the rise

In the last year, the price to rent a one bedroom apartment in Kelowna has risen by 15.5 per cent.

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.

RELATED: HERE’S WHERE THINGS STOOD IN JULY

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.

RELATED: AFFORDABLE HOUSING FROM HABITAT FOR HUMANITY

Top 5 Most Expensive Rental Markets

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.

Just Posted

Helevorn comes to Kelowna on first Canadian tour

The Spaniards will bring their brand of doom metal to Kelowna May 11

Okanagan College program enacts remote smartphone chargers

Project ReCharge is making some additions to local parks

One day cat cafe comes to Lake Country

The Lake Country Art Gallery will host the adoption event

The Lonely to celebrate Roy Orbison’s music

The tribute show will come to Kelowna Sept. 27

No one hurt in West Kelowna rollover

The crash took place at Sonoma Pines Drive and Carrington Road

VIDEO: Are you concerned about Facebook leaking personal information?

Local Okanagan Facebook users speak on the social platform’s privacy settings

Memorial bench for young South Okanagan woman who died was stolen

Someone stole the stone bench that was placed at a walking bridge across the creek

VIDEO: B.C.’s waving granny gets incredible send-off from school kids

Tinney Davidson has been waving at students on their way to school for over 11 years, but is moving in a month

Struggling B.C. adoption agency elects new board that intends to keep it open

The previous board announced that Choices would close May 31

VIDEO: Large dust devil swirls through downtown Chase

Residents look on as column climbs about 90 feet into the air

Okanagan city caps downtown cannabis retail applications

Four currently approved, two more coming, moratorium in place, reviewed after 12 months

Vancouver man, 19, charged in human trafficking case involving teen girl

The 16-year-old girl was reported missing and later discovered in Vancouver

Okanagan school bus driver fondly remembered

Mike Moore, 56, was Vernon School District employee for 25 years before succumbing to cancer

Summerland auxiliary raised $1M for hospital tower

Funds came from sales at Summerland Health Care Auxiliary Thrift Shop

Most Read