With home rents rising 14% this year, Kelowna has firmly anchored its place as the fourth most expensive rental market in the country.
“The median (monthly) prices for single and twin rooms (in 2021) were 1,720 and 2,050 US dollars, respectively,” said Crystal Chen, marketing manager at Zumper (formerly PadMapper), which lists rental properties and the monthly Canadian National Rent report is created.
The December year-end report is being followed closely as it provides an annual summary of the cost of real estate in Kelowna.
Last year Kelowna also got around in the rankings, a few months as the third most expensive, others as the fifth, before finishing fourth at the end of the year.
Last year the rents for a one-room apartment rose by 13.9% and for a two-room apartment even increased by 14.5%. “Class =” img-responsive “src =” https://www.kelownanow.com/files / files / images / apartment% 20buildings (2) .jpg “style =” margin: 5px; “/>
When it comes to renting a two-bedroom apartment in Kelowna, the median monthly rent is $ 2,050, a whopping 14.5% more than last year’s $ 1,790 at the time.
Even so, there were four other cities that saw bigger gains – Vancouver at 14.9% for $ 3,080, Victoria at 14.9% at $ 2,310, Oshawa at 15% and $ 1,840, and Abbotsford at 19, 6% for $ 1,770.
The three cities in Canada ahead of Kelowna on the most expensive two-bedroom list are Vancouver at No. 1, Victoria at No. 3, and Toronto at No. 2 at $ 2,330.
Kelowna rents have continued to rise despite the ongoing pandemic, scorching summer heat, forest fires and floods and mudslides that cut highways to Vancouver and destroyed the supply chain.
Because Kelowna is still a popular place to live, work, play and invest.
It also has a robust home sales market, and rentals tend to reflect that.
For example, the benchmark retail price of a condominium in Kelowna is $ 495,400, which is a 28.5% increase in one year.
While such price and rent increases suggest a healthy economy, it is also evident that Kelowna has a supply of homes for sale and rental homes.
Some are driven out of the market by such conditions, while others borrow from parents, have two jobs, or have to take in a roommate in order to be able to afford a place.
By the way, the cheapest cities to rent an apartment are St. John’s for $ 860 a month for a one-bedroom and $ 940 for a twin room, and Regina for $ 890 and $ 1,100, respectively .
You can find the full report at https://www.zumper.com/blog/rental-price-data-canada.
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