One- and two-bedroom prices up big over last year in Kelowna

Rent prices remain high

Kelowna’s median rent price for one-bedroom unit went down in November, dropping it from fifth to sixth among most expensive Canadian cities in which to rent.

The median cost of a one-bedroom unit fell 3.3% to $1,450. As a result, Kelowna went from a tie for fifth to sixth in the national ranking, according to the PadMapper Canadian Rent Report released on Monday.

Meanwhile, the median two-bedroom price increased 2.3% to $1,790 per month. That ties Kelowna with Ottawa as the fifth most expensive Canadian city in which to rent a two-bedroom place.

While rental prices in Toronto and Vancouver have dropped significantly since last year at this time due to the COVID-19 pandemic, the rental costs of both one- and two-bedroom units in Kelowna have both increased substantially since November 2019. Kelowna’s one-bedroom price is up 7.4% when compared to last year, while the two-bedroom mark is up 9.8%.

The PadMapper Canadian Rent Report analyzes rental data from hundreds of thousands of active listings across the country. Listings are then aggregated on a monthly basis to calculate median asking rents for the top 24 most populous metro areas.

The report is based on all data available in the month prior to publication. Any data that is reported does not include short-term or Airbnb listings.

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