Cost of rent continues to drop in Kelowna | iNFOnews | Thompson-Okanagan's News Source

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Cost of rent continues to drop in Kelowna

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Kelowna bucked the national trend last month with the cost to rent a one-bedroom apartment continuing to fall.

The cost of renting a one-bedroom apartment in Kelowna dropped 2.3% in January compared to December to $1,853 while the rent for two-bedroom apartments posted on fell 1% to $2,343.

That follows on a year-over-year decline of more than 4% in both categories for 2023.

At one point, Kelowna ranked 13th out of the 35 largest municipalities in the ranking with rents for one-bedroom apartments higher than $2,000 per month.

The city is now in 18th spot.

Rents fell in about half of the cities surveyed including Vancouver where a 0.6% drop to $2,683 for one-bedroom apartments still left it as the most expensive city in Canada.

The national average rent for all types of accommodation listed on the site was $2,196 in January. That was a record high and $200 per month more expensive than January 2023.

Rental rates have been rising steadily in Canada since the summer of 2021.

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