Cost of renting drops slightly in Kelowna

The asking price for rental apartments in Kelowna in June fell from May's rates, dropping the city to the 16th most expensive out of 35 major markets in Canada.

In May, the city ranked 13th and it came in at 10th spot in February, according to Rentals.ca.

In June, the average listing in Kelowna dropped 1.4% to $1,932 for a one-bedroom apartment. In November, the average listing peaked at $2,032.

The average asking price for a two-bedroom apartment in Kelowna in June was $2,635, a decline of 1.3% from May.

READ MORE: Housing prices up in Kamloops, Okanagan in June

The drop in prices was contrary to what happened in the rest of BC and Canada.

“Average asking rents in Canada hit a record high of $2,042 in June, surpassing the previous record set in November 2022 ($2,024),” says the Rentals.ca report.

In Canada, rents went up 1.4% from May to June, the fastest monthly increase this year. That puts the annual rate of rent inflation at 7.5%.

“Over the past two years, average asking rents in Canada have increased by 20%, or by an average of $341,” the report says.

As usual, Vancouver topped the list with the average asking price for a one-bedroom apartment rising 4% to $2,945. That’s an 18.1% increase from June of last year.

Grande Prairie, Alberta, came in as the most affordable city at $1,026 for a one-bedroom apartment.

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