Kelowna is currently tied with Ottawa as the fifth most expensive rental market in the country. (Pixabay)

Kelowna is currently tied with Ottawa as the fifth most expensive rental market in the country. (Pixabay)

Kelowna fifth most expensive rental market in Canada

Average one-bedroom rentals in Kelowna now sit at $1,500, two-bedroom at $1,750

Kelowna is currently tied with Ottawa as the fifth most expensive rental market in the country.

The Okanagan city moved up a spot and into the top five in the month of October, according to new research data from PadMapper.

Average one-bedroom rentals in Kelowna now sit at $1,500.

Oddly enough, this is despite Kelowna’s average one-bedroom rent dropping by 3.2 per cent, and two-bedroom rent decreasing 2.2 per cent to $1,750, last month.

However despite last month’s decrease, since the beginning of this year Kelowna’s one-bedroom rental market has increased in price by a whopping 11.9 per cent. Two-bedroom rentals have increased 9.4 per cent.

Above Kelowna on the charts are Victoria and Burnaby at $1,650 and $1,660 per month average for one-bedroom units, respectively. Vancouver and Toronto top the one-bedroom charts at $2,000 and $2,050 per month average, respectively.

In other parts of B.C., Abbotsford’s average one-bedroom rental cost grew by 4.3 per cent to $1,210, up one spot to 15th most expensive in the country. Two bedrooms had an even larger growth rate, increasing 5.3 per cent to $1,400.

The PadMapper Canadian Rent Report (view in full here) analyzes rental data from hundres of thousand of active listings across Canada, compared and calculated on a monthly basis to form average median asking rents for the top 24 most populous metro areas.

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Do you have something to add to this story, or something else we should report on? Email: phil.mclachlan@kelownacapnews.com


 

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