A little cheaper to rent an apartment in Kelowna

Apartment rents may be down in Kelowna, but they are still expensive.

In February, the median monthly rent for a typical one-bedroom apartment in the city came in at $1,900, according to the latest Canadian National Rent Report from Zumper, the online platform that lists apartment for rent.

That's down from $1,920 in January and $1,940 in December and $80 less a month than the record-high of $1,980 in January 2023.

Kelowna has gyrated around from as high as 3rd on the most-expensive list, to as low as No. 14.

It's happened as rents have slipped slightly in Kelowna while other cities -- namely Burnaby, Victoria, Halifax, Ottawa -- have seen rents climb.

The main reason for rent softening in Kelowna is that more and more apartment buildings have been constructed in Kelowna over the last few years, increasing inventory, creating more competition in the rental pool and, as a result, pushing rents down a bit.

Despite that, apartment rents are still historically high in Kelowna and likely to go up in the future because the city is a desirable place to live, work, play and invest.

Kelowna rents are also unaffordable for many, especially if a single person tries to swing $1,900 a month rent on a lower or even moderate income.

If you follow the rule of not spending more than a third of your monthly salary on housing then a single person would have to be making $5,700 a month or $68,400.

It's more affordable if a couple, with two salaries, rents.

It's tough for a single person to take on a roommate with a one-bedroom, so a two-bedroom may be the way to go.

The median monthly rent for a typical two-bedroom apartment in the city was $2,300 in February, according to Zumper.

That actually puts Kelowna in the No. 7 spot on the most-expensive list.

It's also up ever-so-slightly from $2,290 in January, but off from the record-high $2,700 in September 2023.

Zumper's latest report sees no changes at the top with Vancouver, Toronto, Burnaby and Victoria continuing to be the most expensive cities in the country to rent based on median monthly rents for a typical one-bedroom apartment at $2,650, $2,450, $2,440 and $2,030, respectively.

The cheapest places in Canada to snag an apartment are Regina at $1,160, Saskatoon with $1,190, Edmonton at $1,300 and Quebec City with $1,350.

Even if you're not looking to rent an apartment because you live with your parents, already rent or own your own home, the monthly data is important as an indicator of what's happening in the real estate market and overall economy.

That being that real estate prices and rents may be down from peaks, but they are still unaffordable for many.