Kelowna is one of the least expensive cities in British Columbia to rent an apartment, according to a national report by Rentals.ca and Bullpen Research & Consulting.
According to the report, Kelowna is the least expensive city for a one-bedroom unit and next to last for a two-bedroom unit out of the seven British Columbia cities listed. North Vancouver is the most expensive city for a one-bedroom unit.
The report stated the average monthly rent for a one-bedroom unit in Kelowna is $1,233, while the average monthly rent for a two-bedroom unit is $1,912.
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In comparison, the average monthly rent for Canadian properties in October was $1,940 per month, a decrease of 0.7 per cent month-over-month, but an increase of 5.5 per cent year-over-year.
On a provincial level, Ontario had the highest rental rates in October, with landlords seeking $2,334 per month on average (all property types), which is unchanged month-over-month, but increased by 9.1 per cent annually. B.C. finished second for average rent for all property types at $1,960.
“Annual rent growth in Canada continues to exceed inflation,” said Ben Myers, president of Bullpen Research and Consulting. “The national figures are propped up by hot markets in Ontario and B.C., which are still suffering from a lack of new supply.”
In terms of cities, Toronto’s monthly rent edged up slightly to $2,320 to remain the priciest city for renters for a one-bedroom home, while Vancouver had the highest rents for a two-bedroom at $2,446.
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