Kelowna is currently tied with Ottawa as the fifth most expensive rental market in the country.
The Okanagan city moved up a spot and into the top five in the month of October, according to new research data from PadMapper.
Average one-bedroom rentals in Kelowna now sit at $1,500.
Oddly enough, this is despite Kelowna’s average one-bedroom rent dropping by 3.2 per cent, and two-bedroom rent decreasing 2.2 per cent to $1,750, last month.
However despite last month’s decrease, since the beginning of this year Kelowna’s one-bedroom rental market has increased in price by a whopping 11.9 per cent. Two-bedroom rentals have increased 9.4 per cent.
Above Kelowna on the charts are Victoria and Burnaby at $1,650 and $1,660 per month average for one-bedroom units, respectively. Vancouver and Toronto top the one-bedroom charts at $2,000 and $2,050 per month average, respectively.
In other parts of B.C., Abbotsford’s average one-bedroom rental cost grew by 4.3 per cent to $1,210, up one spot to 15th most expensive in the country. Two bedrooms had an even larger growth rate, increasing 5.3 per cent to $1,400.
The PadMapper Canadian Rent Report (view in full here) analyzes rental data from hundres of thousand of active listings across Canada, compared and calculated on a monthly basis to form average median asking rents for the top 24 most populous metro areas.
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