Rent stays flat in Kamloops, drops significantly in Kelowna

The rental market in Kelowna has seen a significant drop in price over the last year while Kamloops has stayed pretty consistent. 

The average rent for a one-bedroom apartment and condo has gone down by 3.1 per cent over the last year to $1,939, and for a two-bedroom it has dropped by 10.6 per cent to $2,285, according to the latest report from Rentals.ca. 

In Kamloops, one-bedrooms are 2.3 per cent more expensive with an average price of $1,776 and a two-bedroom stayed pretty much the same as last year at $2,148.

In B.C. the average rent for a one-bedroom is $1,944, which is down 5.3 per cent since last year, but it’s significantly higher than the national average of $1,618. 

“The latest rent declines have coincided with record high apartment completions, population decreases for non-permanent residents, and a weakening job market,” the report reads. 

B.C. had the biggest drop in rent for shared accommodation with prices going down by 7.4 per cent to $1,120. Alberta wasn’t far behind with a 7.1 per cent decrease to $841. 

Although rent is going down, it’s still higher than it was three years ago for all property types from studios to three-bedroom condos. 

“Despite rents having adjusted lower from highs reached over the previous two years, the monthly trend has shown stability, with the three-month moving average staying flat in September,” the report reads.

Last year the country had record high rent prices, but since then they have been steadily declining. 

“Asking rents in Canada decreased 3.2 per cent in September from last year’s record high to an average of $2,123, marking the twelfth consecutive month of year-over-year declines. This followed 38 consecutive months of rent increases between August 2021 and September 2024 and 15 consecutive months of rent decreases between May 2020 and July 2021 during COVID-19,” the report reads.