Average rental rates continue to rise in Kelowna | iNFOnews | Thompson-Okanagan's News Source

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Average rental rates continue to rise in Kelowna

Image Credit: ADOBE STOCK
December 19, 2019 - 11:25 AM

Kelowna was the 16th most expensive city for rentals in Canada in November according to Rentals.ca.

The average rent for one-bedroom rental units rose 10.8 per cent from October to November to $1,365. Two-bedroom units went up 2.8 per cent to $1,966.

Rentals.ca measures the average prices of all rental units listed on their site.

In contrast, PadMapper.com measures the median rental rate for apartments only.

It placed Kelowna as the eighth most expensive city in Canada for rentals.

The one-bedroom rental rate remained the same at $1,350 for both October and November but that’s an eight per cent increase over 2018.

Rates for two-bedroom apartments actually dropped to $1,610 in November, down 1.2 per cent from October and a drop of 4.2 per cent from last year.

Canada Mortgage and Housing Corporation usually posts its annual vacancy rate in late November but that has been delayed.

“This year, we are transforming our data collection system and processes and, as a result, we need additional time to collect and analyze the data from the survey,” Len Catling, senior media relations officer for the corporation, wrote in an email. “The new publication date is January 15, 2020.”

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