Kelowna apartment rental prices continue rise back up national rankings

Earlier in the year, Kelowna tumbled all the way down to 14th on Zumper’s Canadian rankings of most expensive cities for one-bedroom apartment rentals.

Four months ago, the online platform that compiles the monthly report said the average price of renting a one-bedroom unit in Kelowna in June was $1,590.

However, that was the final of five straight months of declines and there have now been four straight months of movement in the other direction.

The October numbers are in, and Kelowna is up to the eighth most pricey city in Canada when it comes to rent at $1,950.

That’s just $30 shy of Kelowna’s peak of $1,980 in January of this year.

It’s a healthy 4.6% increase from the $1,860 reported by Zumber a month ago, but also a 0.5% decrease when compared to this time last year.

The cities ahead of Kelowna in the current rankings are Vancouver, Toronto, Burnaby, Victoria, Halifax, Ottawa and Kitchener.

But when you look at two-bedroom units, Kelowna moved in the opposite direction since last month.

There was a 5.9% decrease from $2,700 to $2,540, but that is also a 5.4% increase from this time last year and Kelowna remains at fifth in the two-bedroom rankings.

The Central Okanagan city trails only Vancouver, Toronto, Burnaby and Victoria in that regard.

You can check out the entire list and more details about this month’s report on the Zumper website.