Kelowna is currently the third most expensive rental market in the country. (Pixabay)

Kelowna records third-highest average rent in Canada

Fastest growing one-bedroom price in nation

Kelowna is the third most expensive city in Canada in terms of rent prices, according to a recent Canadian Rent Report.

Released on Mar. 15 by rental site Zumper, the report ranks Kelowna below just Vancouver and Toronto.

Vancouver’s average rent is listed as a whopping $2,190 a month for a one-bedroom tenancy, while Toronto is listed at $1,900.

Kelowna’s average rent price is $1,800.

The report lists the return of renters to larger Canadian cities as COVID-19 restrictions ease as a major factor in recent rent spikes.

Kelowna had the fastest-growing one-bedroom rent rate in the nation last month, up 5.3 per cent. The spike caused Kelowna to leapfrog Victoria into the third-most expensive in Canada.

Over the last year, Kelowna rent has spiked approximately 21 per cent.

For a two-bedroom rental, Kelownians can expect to pay an average of $2,150, a 4.9 per cent growth rate.

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