Rent in Kelowna continues to fall faster than Kamloops

The rental market in Kelowna is going through some turbulence with more short-term rentals set to return, but the cost of living in an apartment is still steadily going down more quickly than in Kamloops.

The latest Rentals.ca report shows that Kelowna’s average asking rent for a one-bedroom apartment is down 6.3 per cent over last year, and for a two-bedroom it’s down four per cent.

In Kamloops, the story isn’t as rosy with one-bedroom rents up 3.5 per cent over last year, although for two-bedroom units prices are down by 3.3 per cent.

Nationally there have been 19 consecutive months of year-over-year decreases in rental prices and rent in B.C. is down 6.1 per cent year-over-year.

In Kelowna a one-bedroom apartment is going for $1,739 and in Kamloops it’s a bit more expensive at $1,801. Rent for a a two-bedroom in Kelowna is around $2,219 and in Kamloops they are cheaper at $2,103.

Those decreases are good news for renters in those cities but are far from the biggest price drops in B.C.

Surrey’s two-bedroom units are 9.8 per cent cheaper than they were last year and Coquitlam’s one-bedroom apartments are 10.5 per cent cheaper than they were last year.

The numbers look good, but the rent report explains why renters might not be feeling the relief.

“Over the past two years, rents have fallen by 7.4 per cent from April 2024, but were 1.2 per cent higher than three years ago in April 2023. Compared to the COVID-era low in April 2021, average rents have risen 21.9 per cent,” the report reads.

The average asking rent per square foot has seen a slight shift from $2.68 per square foot in April 2024 to $2.54 per square foot in April 2026.

“Compared to two years ago, the average size of an available rental unit shrank by 4.4 per cent, from 865 square feet to 827 square feet,” the report reads.