Kelowna fourth most expensive city for rentals in Canada

Kelowna continues to be one of the most expensive cities for renters in the country.

Kelowna was ranked as the fourth most expensive rental market in the nation last month with the prices of one and two bedrooms settling at medians of $1,610 and $2,180, according to data released by Zumper, an online rental company that connects renters and landlords. 

The report analyzed hundreds of thousands of listings last month to examine median rent prices across the 23 largest cities in the country.

The price of two bedrooms in Kelowna is up 24.6% since this time last year, according to the company.

Kelowna moved up a spot since August to become the fourth most expensive rental market with one-bedroom rent increasing 0.6% and two-bedrooms jumping 4.8%.

Vancouver continues to claim the top spot as the most expensive city, with one-bedroom rent now $330 pricier than Toronto’s. Vancouver, Toronto and Barrie are the only cities more expensive for renters than Kelowna, according to Zumper.

Vancouver’s one-bedroom rent grew 1.4% to $2,130, while two-bedrooms increased 0.3% to $2,900.

Toronto’s one-bedroom rentals increased 1.7% to $1,800, while two-bedrooms dropped 0.4% to $2,250. Notably, on a year-over-year basis, two-bedroom rent is down more than 15%.

Though Toronto experienced some monthly growth, it is still the only city in the report with double-digit year-over-year declines. The majority of the rest of the Canadian cities experienced growing rents since this time last year, according to Zumper.

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