Rent for Kelowna one-bedroom apartment dips below $2,000

While rents across Canada increased by 1% in December versus November, Kelowna’s rents actually fell by more than 2%, according to Rentals.ca.

The average listed rent for a one-bedroom apartment in Kelowna was $1,983, down 2.4% from November. The average listed cost of a two-bedroom unit was $2,480, down 2.5%.

Kelowna was the 11th most expensive city out of 35 on the Rentals.ca list.

The average rents for all types of housing advertised through Rentals.ca went up 12.2% in Canada compared to December 2021.

“This follows a 1.6% average annual rent decline for both 2021 and 2020, resulting in a three-year average rent increase of 2.6% — below the general rate of inflation over the same time period,” a Rentals.ca news release says.

The year-over-year increases were lower in Kelowna at 5.3% for one-bedroom suites and 7.2% for two-bedrooms.

Vancouver continues to be the most expensive city in the country to rent a home, even with a 1.4% decline in December compared to November prices for one-bedroom apartments. The average rent was $2,596.

Burnaby came in third spot at $2,450 and Victoria at ninth for $2,001. All other cities on the list that are more expensive than Kelowna are in Ontario.

Kamloops and other Okanagan cities are not included on the Rentals.ca list.

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