One-bedroom rental rates jump in Kamloops, Kelowna and likely to go higher
Kelowna’s rental rate for a one-bedroom apartment jumped back to $1,800 in April after dropping to $1,710 in March.
That returns Kelowna to the level it was in February. At that time it moved into the third spot for the most expensive major city for rentals in Canada.
While the rental rate has returned to $1,800, the city’s ranking leaves it in fourth place, $30 behind Victoria, according to a report released today, May 18, by the online rental site Zumper.ca.
This is the time of year when rents are expected to increase even more.
“As we enter into the warmer months, demand usually begins to pick up as leases end and more renters are thinking about their next move, which drives up the competition and prices,” the report says.
Vancouver continues to top the list of most unaffordable cities with one-bedroom apartments going for $2,200 a month. Toronto is second at $1,990 a month.
Kelowna’s rate for a one-bedroom apartment is up 5.3% from March. The cost of a two-bedroom apartment actually fell by 2.7% in April to $2,200 a month.
The report lists 23 cities. The only other B.C. city on the list is Abbotsford, coming in at 13th spot with a one-bedroom apartment renting for $1,420.
A separate Zumper.ca report shows it costs $1,559 to rent a one-bedroom apartment in Kamloops, a 1% increase from last month. The report notes that the rate is based on only eight listings.
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