Kelowna apartment rents hold steady to end 2023

Zumper’s first rental report of 2024 is out and Kelowna has the seventh-highest apartment rents in Canada.

The Central Okanagan city dropped two spots on the list in the last month, but that doesn’t mean there was a significant drop in prices.

In fact, the average cost of a one-bedroom rental apartment in Kelowna only dropped $10, from $1,950 to $1,940, but it was overtaken by two cities with rising costs.

Halifax jumped 3.1% to $2,000 per month to hop into fifth spot, previously held by Kelowna, while Ottawa leapfrogged Kelowna as well by increasing 1.6% to $1,950.

According to Zumper, an online platform that lists apartments for rent and compiles a monthly cost report, the three most expensive cities to rent in Canada have not changed.

The top of the list remains Vancouver ($2,700), Toronto ($2,500), Burnaby ($2,490) and Victoria ($2,020), which British Columbians can’t be too thrilled to see.

When it comes to the cost of a two-bedroom rental apartment, Kelowna is one spot lower on the list in eighth.

The same six cities make up the top six, in the same order, but Kitchener is above Kelowna in seventh spot with a price of $2,370 per month.

Kelowna’s average two-bedroom rental apartment costs $2,270, which is a 5% drop from the $2,390 that Zumper reported one month ago.

The cost of a two-bedroom rental apartment in Kelowna is exactly the same as it was a year ago in January 2023, while a one-bedroom rental apartment has slightly risen by 1%.

To see Zumper’s full Canadian rental report for January 2024, click this link.