The anomaly of calming rental rates in Kelowna appears to have been short-lived
Prices continued to trend upwards for one bedroom units in Kelowna’s rental market, which PadMapper’s Canadian Rent Report now pegs as the 8th most expensive in the country.
According to PadMapper, the price of a one bedroom rental in the city jumped 1.8% from June to July, however, two-bedroom units actually decreased in price by 2.4%.
Data shows that one bedroom rentals are now going for a median price of $1,160 in Kelowna, with the average price of a two bedroom unit sitting at $1,580.
The report confirms that Kelowna's rental prices for one bedroom units have skyrocketed since this time last year, having jumped 10.5% compared to July of 2017.
Despite the large increase in prices for one bedroom units, Kelowna remains the cheapest of the three B.C. cities sitting in the top 10.
After being taken over by Toronto this month, Vancouver is currently the second most expensive city for renters in Canada, with Victoria not far behind in sixth place.
Abbotsford, where the average price of a one bedroom unit is $900, sits at 18th and is the only other B.C. in the 26 cities listed.