Cost of Kelowna rental units continue to surpass 2018 prices

A new country-wide rent report pegs Kelowna as the seventh most expensive city in Canada for renters.

In fact, PadMapper’s June Rent Report shows that the average cost of rental units in Kelowna has surpassed the average rental prices in several major Canadian cities.

In Kelowna, the average rent cost in June for a one bedroom unit was $1,280 and for a two bedroom unit the average rent sits at $1,700.

While those prices have fallen slightly since May, year over year, the cost of a one bedroom unit in Kelowna has skyrocketed.

Compared to June of 2018, the cost of a one bedroom unit has jumped 12.3%.

Two bedroom units have seen a 4.9% jump in price since June 2018.

According to PadMapper, those costs have soared past Calgary, where the average price of a one bedroom unit is $1,070 and $1,290 for two bedrooms.

In Ottawa, the average cost sits at $1,250 for a one bedroom unit and $1,550 for a two bedroom unit.

On the east coast, Halifax reports an average rental cost of $990 for one bedroom units and $1,270 for two bedroom units.

Even with the large increase in the price of one bedroom units over the past 12 months, Kelowna remains the cheapest of the four B.C. cities sitting in the top 10.

After being passed by Toronto, Vancouver is currently the second most expensive city for renters in Canada, with Burnaby sitting third and Victoria not far behind in fifth place.

Abbotsford, where the average price of a one bedroom unit is $950, sits at 18th and is the only other city in B.C. to make the 25 Canadian cities on the list.