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Online reports show rise in monthly rental prices in Kelowna

An online report says the price for a one-bedroom unit in Kelowna rose 10.8 per cent to $1,365 a month.
An online report says the price for a one-bedroom unit in Kelowna rose 10.8 per cent to $1,365 a month. Global News

An online report says Kelowna’s median rental price for a one-bedroom unit climbed 10.8 per cent to $1,365 a month.

The price jump was the largest of the 34 cities listed by rentals.ca, which regularly ranks rent costs across the nation.

For one-bedroom units, Toronto has the highest monthly average at $2,314 a month. Etobicoke, Ont. ($2,103), Richmond Hill, Ont. ($1,989), Vancouver ($1,967) and Oakville, Ont. ($1,950) round out the top five.

Kelowna was ranked 16th on the list.

rentals.ca
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READ MORE: Rent or buy? How stagnating home prices and high rents affect that equation

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Of those five, though, none had a price jump like Kelowna, with Richmond Hill having a hike of 5.4 per cent — double that of Etobicoke (2.5 per cent) and Oakville (2.7 per cent).

Vancouver saw a small drop (-1.0 per cent) as did Toronto (-0.3 per cent).

The three cheapest places to rent of the 34 cities listed were Lloydminster, Alta. ($838), St. John’s, NL. ($884) and Saskatoon ($903).

A closer look at Kelowna’s rental and real estate markets
A closer look at Kelowna’s rental and real estate markets

For two-bedroom units, Kelowna’s average monthly rental price was listed at $1,966 — up 2.8 per cent from a month ago.

The top five most expensive places for two-bedroom units were:

  • Vancouver ($3,058, 3.7 per cent increase)
  • Toronto ($2,966, 1.1 per cent increase)
  • Oakville ($2,591, -0.3 per cent decrease)
  • Etobicoke ($2,575, 1.7 per cent increase)
  • Richmond Hill ($2,401, 3.3 per cent increase)

For more on the rent report, click here.

Meanwhile, another online rental site, Padmapper, listed Kelowna as having the eighth-most expensive prices in the nation in November.

Padmapper listed Kelowna’s monthly one-bedroom price at $1,350, a 0.7 per cent increase from October and a 5.5 per cent increase from one year ago. Kelowna’s two-bedroom price was listed at $1,630.

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For Padmapper’s report, click here.