Rental prices may be slowly falling nationally, but that has not been reflected in Kelowna lately.
The monthly Canadian rent report from Zumper has been released and it shows Kelowna holding steady at $2,000 per month for a one-bedroom apartment.
It’s the second consecutive month at that price for Kelowna and the third straight month the Central Okanagan city has been over $2,000.
Kelowna ranks as the seventh most expensive city in Canada for rent, slipping out of a tie for sixth with Ottawa thanks to a slight increase in prices in the capital.
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While one-bedroom prices remain the same as a month ago, Kelowna did see a dip when it comes to two-bedroom rentals.
The monthly price for a two-bedroom unit dropped from $2,530 in September to $2,380 in October, a decrease of 5.9%.
Year-over-year, Kelowna’s one-bedroom prices are up 2.6% while two-bedroom rates have fallen 6.3%.
While the local story isn’t overly notable this month, Zumper says this month’s report is the first annual decline in national prices since the online rental platform started posting monthly summaries in July 2022.
“The national median rent for a one-bedroom apartment has decreased by 0.2% over the past year to $1,889, while rent for two-bedroom units have fallen by 0.9% to $2,329,” the report explains.
“As a result, the national rates for one and two-bedroom apartments are now approximately $5 and $21 lower, respectively, when compared to this time last year.”
To see Zumper’s entire October rental report, click this link.
