Average rental rates down and up dramatically in Kelowna | iNFOnews | Thompson-Okanagan's News Source

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Average rental rates down and up dramatically in Kelowna

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November 14, 2019 - 3:03 PM

The average rental rate for a one-bedroom housing unit in Kelowna dropped 10.3 per cent in October from September’s rate, according to Rentals.ca.

At $1,233 per month, that puts the one-bedroom rate back to the level Rentals.ca listed in May and drops Kelowna to the 20th most expensive city for rentals in Canada.

That figure is based on the average asking price for all forms of rental housing units for the month, including apartments, basement suites, duplexes and houses.

Given that there are not always enough Kelowna listings on the site to provide statistically accurate averages, the prices are not listed for every month since May, but did show a rate of $1,374 in September.

For two-bedroom units, Rentals.ca showed an average rent of $1,912 but did not list the percentage change from September. However, its September report showed two-bedroom units renting for $1,634, so that appears to be a 17 per cent increase. To put that in perspective, the September rate was a 10 per cent drop from August.

PadMapper.com is another online rental agency but its monthly list is the median (rather than average) listing for apartments only.

It found the median price for a one-bedroom apartment went up 0.7 per cent to $1,350, making Kelowna the eighth most expensive city in the country. Two-bedroom units were up 1.9 per cent to $1,630.

The Rentals.ca report can be found here and PadMapper is here.

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