Despite higher vacancy rates Kelowna renters don't seem to be getting a price break - InfoNews

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Despite higher vacancy rates Kelowna renters don't seem to be getting a price break

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January 30, 2020 - 5:15 PM

While Kelowna’s official rental rate climbed to 2.7 per cent for 2019, the December rental rates have not moderated much from November.

Three different reports came out this month on rental rates in Kelowna.

The Canada Mortgage and Housing Corporation’s annual rental report was released on Jan. 15 showing vacancy rates had climbed to 2.7 per cent for the year from 1.9 per cent in 2018 with the average rent for a one bedroom apartment being $1,095. That survey only deals with rental buildings with four or more units.

Rental.ca’s latest report was released today, Jan. 30. It shows Kelowna as the 14th most expensive place to rent in Canada with one bedroom units averaging $1,313, down four per cent from November. That survey includes all types of rental units but is based on what is available for rent on their site during the month.

PadMapper.com, on the other hand, reports the median price of active rental listings for apartments only.

It lists Kelowna as the eighth most expensive city for rentals in Canada, with a one bedroom listing for a median price of $1,350 in December, unchanged from November.

Toronto continues to be the most expensive city in the country with both the median and average price for a one bedroom unit being about $2,300.


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