One-bedroom apartments now more expensive in Kamloops than Kelowna

Kelowna had one of the largest drops in rent prices in the country since last year, while rent prices in Kamloops are on the rise, making the average rent for a one-bedroom in Kamloops more expensive than Kelowna. 

The average rent for a one-bedroom in Kelowna is currently $1,722 and a two-bedroom is $2,158. One-bedroom apartments in Kamloops are now more expensive than those in Kelowna with the average one-bedroom price at $1,867 and Kamloops’ two-bedroom average at $2,125, according to a national report from Rentals.ca.

In Kelowna, one-bedrooms are 8.5 per cent cheaper than they were at the end of 2024 and rent for two-bedroom apartments are down 7.5 per cent. In Kamloops, rent prices for a one-bedroom are up 9.9 per cent year over year and two-bedroom prices are up 5.1 per cent.

Although Kamloops has a higher average price for a one-bedroom, its overall average rent price is $2,015 and Kelowna’s total average is slightly higher at $2,035.

Only six areas in Canada had larger rent drops than Kelowna for purpose-built rentals and condo apartments. Kelowna’s purpose-built rental prices dropped by 9.8 per cent.

Kelowna’s vacancy rate has risen dramatically and it’s up to 6.3 per cent, while Kamloops’ vacancy rate is around 1.2 per cent, according to the latest data from the Canadian Mortgage and Housing Corporation.

Kelowna now ranks 22 on the list of Canada’s most expensive rental markets, and Kamloops is at 34. 

British Columbia still has the highest average rent price in the country at $2,382 and Saskatchewan is the most affordable with an average price of $1,500. 

Nationally, average rent is down 2.3 per cent compared to the end of 2024, and down 5.4 per cent over the past two years, but the average rent is still 14 per cent higher than before the pandemic.

The national average rent has been going down for 15 straight months, but Rentals.ca expects demand to rise in 2026 and rent prices along with it.

“While demand remains below levels from recent years, a seasonal improvement is anticipated to begin in January. Moving through 2026, affordability challenges, reduced mobility, and slower in-migration will continue to shape renter behaviour,” the national report said.