Rents continue to drop in Kelowna

Rental rates fell another $100 per month in Kelowna from May to June. That followed a $50 decline from April to May.

That means Kelowna is now ranked as the seventh most expensive Canadian city by Zumper.ca, an online rental site.

One bedroom apartments in Kelowna rented for $1,650 in June, down from $1,750 in May and $1,800 in April when the city was ranked as the fourth most expensive in the country.

This comes at a time when many of the larger rental markets are setting record high rates because of increased demand and not enough supply, the Zumper.ca monthly rent report says.

“With employment rates staying strong and rising interest rates, competition for rentals will only continue to grow, furthering the trend of rising prices, especially as we get deeper into the summer moving season,” it says.

The median price for a two-bedroom rental in Kelowna also fell. It hit $2,170 in June, down from $2,310 in May.

Vancouver continues to be the most expensive rental market in the country with one-bedroom apartments going for $2,300.

Burnaby ($2,060) and Victoria ($1,880) are fourth and fifth in the ranking. Toronto, at $2,100 was second.

A separate report shows the median price for a one-bedroom in Kamloops is unchanged. That price has ranged between $1,555 and $1,559 per month for the past three months.

June’s figure is based on only two listings.

READ MORE: Okanagan home builders want city council to focus more on affordability than aesthetics

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