The price of rent in Kelowna has increased more than any other major city in Canada this year.
“Kelowna remains a highly desirable place to live with a strong demand for housing, and this demand was reflected in home prices and rental rate increases in 2021,” said Arlene Janousek, Kelowna city planner.
Zumper’s annual report analyzed hundreds of thousands of listings last month to examine median rent prices across the 23 largest cities in the country.
The price of a one-bedroom increased by 21.6 percent and the rent of a two-bedroom place in Kelowna is up by 23.6 percent since May 2021.
According to Zumper, Kelowna was ranked as the fourth most expensive rental market in the nation last month with the prices of one and two-bedrooms at $1,800 and $2,200 on average, respectively.
Janousek said that 2021 saw low rental vacancy at 0.6 percent, indicating there is more demand for rental units than currently available. The city plans to build 3,300 rental units this year to meet the high demand.
Learn more about the cost of living in Canada at zumper.ca.