Average rent in Kelowna declined in 2023 but still very expensive

While the average rent charged across Canada went up by 8.6% in 2023, rent for both one and two-bedroom units in Kelowna declined.

The average asking rent for all property types across Canada reached $2,178, according to Rentals.ca data released today, Jan. 16.

Kelowna ranked as the 15th most expensive out of 35 major cities on the list in December.

Rent for one-bedroom apartments dropped 4.3% year-over-year to $1,897 and two-bedroom rents were down 4.6% to $2,367. The rents weren’t averaged over all property types.

READ MORE: Kamloops and Kelowna housing starts lagged behind rest of BC in 2023

Vancouver rent for one-bedroom units was up 4% year-over-year to $2,700, the highest in the country. Two-bedroom rent was up 2.7% to $3,660.

Burnaby was the second most expensive city with rent for one-bedroom at $2,600, while Toronto came in third at $2,521 for a one-bedroom apartment.

A one-bedroom unit in Saskatoon was the best deal among the 35 cities at $1,150 per month.

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