Sorry renters, but the cost of renting out one and two bedroom homes is continuing to increase in Kelowna.
Eleven out of 25 cities remained unchanged in their rental costs, according to the latest report by PadMapper. Kelowna along with five other Canadian cities saw an increase, while five remained unchanged in the median price for one bedroom apartments.
Kelowna now sits eighth for most expensive one bedroom rental prices among Canadian cities at an average of $1,050 monthly.
A quick search on Craiglist for one bedroom in the $1,000 range for Kelowna turned up a grand total of three properties, which speaks to the cities historically low vacancy rate.
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Outside of the city, Vancouver and Toronto continue to dominate the top 5 most expensive rental markets in Canada.
Vancouver kept its number one spot, as the median price for one bedroom units grew by 2.5%, to $2,090, while the median price for two bedrooms increased by 2.5% to $3,230.
Toronto trails closely behind Vancouver as rent prices increased slightly by 0.6% to $1,800 for one bedroom units. The price for two bedroom units rose by 3% to $2,430.
Barrie, Ontario, climbed the list to the third spot as it saw a steep increase of 5.2% to $1,210 for one bedroom rent. However, rent for two bedroom units dropped by 1.4% to $1,390.
Moving back into the top five, Montreal sits in fourth place as the city saw mixed price changes to one and two bedroom units. Rent for one bedroom units decreased by 3.3% to $1,160 but the price for two bedroom units climbed 2.8% to $1,460.
The biggest drop came from Victoria, BC, as it fell one spot this month to fifth place.
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