Kelowna apartment rents the 5th most expensive in Canada

Kelowna's back in the top 5.

The 5 most expensive cities in Canada to rent an apartment, that is.

It's a confounding ranking because Kelowna's been as high as No. 3 on the list and as low as No. 14.

Zumper, the online platform that lists apartments for rent and compiles the monthly Canadian Rent Report, bases its list on median monthly rent for a one-bedroom.

In February 2022 when Kelowna was No. 3 one-bed monthly rent was $1,800 and the only cities pricier were Vancouver and Toronto.

By June 2023, Kelowna had freefallen to No. 13 and one-bed rent was at $1,590 after months of declines.

Fast forward to November 2023 and Kelowna's one-bed rent has surged to $1,950, just $30 off its record-high of $1,980 a month, set in January 2023.

Certainly, Kelowna's rents have bounced around, affected by both the city being a desirable place to live, thus, lots of competition for apartments, and a wave of new-construction apartment buildings coming on stream, amping up supply and putting downward pressure on rents.

But there's also the intricacies of rents in other cities surpassing Kelowna's in certain months and making the monthly Zumper lists a jumble.

That's how, at one point, Kitchener, Ottawa, Halifax, Oshawa, Hamilton, Calgary, Barrie, London and Montreal had all leapfrogged Kelowna.

With Kelowna now at No. 5, it's behind Vancouver with $2,730, Toronto at $2,500, Burnaby with $2,490 and Victoria at $2,000.

No. 5 seems to be Kelowna's natural, historic position.

When it comes to two-bed rent, Kelowna's $2,390 a month median in November puts it in 6th place on the most expensive list.

It's behind Vancouver at $3,890, Toronto with $3,300, Burnaby's $3,230, Victoria at $2,740 and Halifax at $2,460.

Rents in November usually go down a bit as landlords try to attract renters to fill empty apartments before December.

That's because December is notoriously slow as potential renters and renters avoid hunting for their first apartment or a different apartment as Christmas approaches, holiday travel happens and people don't want to move in cold and unpredictable weather.

The cheapest cities to rent apartments are Saskatoon with one-bed rent at $1,110, two-bed at $1,310; Regina with $1,160 and $1,350; Edmonton at $1,240 and $1,500; Winnipeg with $1,300 and $1,640; and Quebec City at $1,310 and $1,630.