Apartment rents obviously didn’t get the memo that Kelowna’s real estate market is on the slide.
Just-released figures show the median monthly rent for a typical one-bedroom apartment in the city in October was a record-high $1,960.
That’s up 3.2% from September’s previous record of $1,900 and up 17.4% from $1,619 in October 2021.
In fact, it was only a few years ago that we made a big deal of rent for a one-bed breaking the $1,000-a-month ceiling.
Last month, the median for a two-bedroom apartment in Kelowna was $2,410, just off the record of $2,430 set in August.
In October, the median monthly rent for a one-bedroom apartment in Kelowna was a record-high $1,960 and $2,410 for a two-bed.” class=”img-responsive” src=”https://news.google.com/ files/files/images/apt%20building.JPG” style=”margin: 5px;”/>
Even if you’re happily housed and aren’t looking for an apartment to rent or a house to buy, everyone seems to watch rents and prices with fascination because they are prime indicators of the economy and society.
What those indicators say is the Kelowna economy is still healthy, despite recent setbacks, and remains a desirable place to live, work, play and invest.
That means there will always be demand for rental apartments and houses, townhouses and condos to buy and rents and prices will remain historically high in the grand scheme of things.
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