Kelowna saw double digit drop in rent as cost in Kamloops rising

B.C. as a whole saw a significant drop in the price of rent over the last year, and while Kelowna led the charge towards affordability, Kamloops fell behind.

Year-over-year, the average cost to rent both a one-bedroom and two-bedroom apartment in Kelowna fell by around 10 per cent. One-bedroom suites in Kamloops rose by nearly two per cent and two-bedrooms were up more than five per cent, according to the Rentals.ca report for February.

The average asking rent for a one-bedroom apartment in Kelowna is $1,703 and for a two-bedroom it’s $2,142. In Kamloops, a one-bedroom rents for $1,773 and $2,180 for a two-bedroom.

Kelowna’s vacancy rate is around 6.3 per cent and Kamloops’ vacancy rate is 1.2 per cent, according to the Canada Mortgage and Housing Corporation.

B.C. as a whole saw a 4.9 per cent drop in the total average rent price, and the national average rent went down by 2.8 per cent compared to last year.

In 2025, B.C. registered 25,900 new homes, which was up 39.6 per cent from 2024, and completed 21,000 purpose-built rentals, which was up 56 per cent over 2024, according to a press release from the Ministry of Housing.

“This latest rent report continues to show encouraging signs for renters, with declining prices helping ease everyday costs for people in British Columbia,” Minister of Housing Christine Boyle said in the release.

“We need to keep this work going so people are not pushed out of their communities by rising housing prices and rents. While I’m encouraged by the progress so far, there is still a lot of work ahead to help people in British Columbia find a home they can afford.”

February saw the national average rent hit a 33-month low, and it’s the 17th month in a row that rents have gone down.

The average size of rental units nationally has gone down with the price of rent. The average was 881 square feet in 2024, 864 square feet in 2025 and it’s currently 826 square feet. So, while rents went down, rent per square foot stayed flat at $2.53 when compared to 2025.

The Rentals.ca report is based on all of the listings under the Rentals.ca network, which includes six websites. Its data is different from the CMHC primary rental data since it only includes purpose-built rentals and rental townhomes.