Rental options will expand

Kelowna is the ninth most expensive Canadian city in which to rent an apartment – but that could change, thanks to new policies from council and new construction.

That’s the word from rentals.ca and Bullpen Research & Consulting, which conducted their March national rent report and found the average price of a one-bedroom apartment is $1,299 and $1,574 for a two-bedroom unit.

The current rental vacancy rate in Kelowna is 1.9 per cent, and all signs point to it increasing over the next two years.

Canada Mortgage and Housing Corporation economist Taylor Pardy, who spoke in Kelowna last week at a Canadian Home Builders’ Association Central Okanagan luncheon, told rentals.ca the vacancy rate will increase because of “the volume of apartment rental units currently under construction.”

For more on this story and to see the 25 most expensive cities for rent, visit Okanagan Edge.

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