City of Kelowna welcomes bidding wars for its rental homes
The City of Kelowna has a pool of properties that it rents out on a monthly basis, including the latest “charming two bedroom one bath home” in downtown Kelowna that recently became available.
Its rent is posted at $2,300 a month, utilities not included.
But, the rules for applying for such a rental includes a line saying the city “takes the highest acceptable bidder with references acceptable to the City.”
“If a person wants to pay more than what the asking price is, they can do that because our goal is to maximize our rental opportunity,” JoAnne Adamson, manager of the city’s property management department told iNFOnews.ca
This house, with its fenced yard and one off-street parking spot, is one of about 34 such properties the city owns.
It also has a two-bedroom apartment near City Park for rent for $1,850 per month that recently became available.
Both require a half-month’s damage deposit and are available Sept. 1.
While the city wants to maximize its rentals, the Canadian Mental Health Association rents some of its 34 properties and may subsidize the rent for use in its scattered sites program, Adamson said.
Most of the homes in the city’s rental portfolio have been bought by the city for parks that are not yet developed.
“If there are properties slated for future parkland on the city’s official community plan, it is the city’s desire to make that come to fruition,” Adamson said. “When properties become available where the city hopes to grow or has a civic need, then we would acquire the properties if there is an opportunity.”
One recent example is the new Pandosy Waterfront Park currently under construction that will replace seven or eight homes, some of which have been rented out for many years.
READ MORE: Paddle Centre to become permanent part of Kelowna’s newest waterfront park
The city also buys other properties where it sees a “civic need,” such as the former McDonald’s restaurant site at Harvey Avenue and Water Street that it bought in 2020 and put on the market this week.
READ MORE: Controversial former McDonald’s property in Kelowna is up for sale
There is usually a low turnover rate for rental properties so it’s unusual for two to be on the market at the same time, Adamson said.
For more information or to apply to rent city properties, go here.
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