Kelowna rent is sixth most expensive in the country

Costs are on the rise from last year

Kelowna is the sixth most expensive place for tenants to rent in Canada.

Every month, the PadMapper Canadian Rent Report analyzes data from hundreds of thousands of active rental listings across the nation.

The data is used to calculate the average rent in the top 24 most populated urban areas.

Short-term rentals like Airbnb are not included.

Since 2020, Kelowna has fallen from fifth to sixth most expensive on the list. However, rent costs within the city are still increasing.

According to the latest report, the average monthly cost for a one-bedroom unit has increased 5.7 per cent from last year to $1,480. The cost for two bedrooms has also grown 2.3 per cent to $1,750.

In February, the average rent for a one-bedroom was 2.1 per cent lower at $1,450, while a two-bedroom was 1.7 per cent higher at $1,780.

Above Kelowna, the top five pricey spots are Vancouver, Toronto, Burnaby, Barrie, and Victoria.

In Vancouver and Toronto, rental costs have been steadily decreasing to $1,900 and $1,750 per month, respectively. Last year, most units were priced at over $2,000.

Elsewhere in B.C., there has also been a large decrease of 7.8 per cent in Burnaby to $1,600. Two-bedroom units have decreased 6.4 per cent to $2,200.

Rent for one and two bedrooms in Victoria has remained at $1,660 and $2,000 per month, with no change since the same time last year.

For more on the PadMapper Canadian Rent Report, click here.

READ MORE: Mayor thinks Kelowna will be travel ‘hot spot’ this summer amid pent up demand

READ MORE: Summerland council rejects seniors housing expansion

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