While national rent prices continue to climb, Kelowna's rental market shows a more moderate increase. Here's a breakdown of the latest data for May 2024, including insights specific to Kelowna's market:
- Kelowna's Ranking: Kelowna sits at 13th place nationally in terms of average rent prices for vacant residential units. This means it offers a more affordable option compared to many other major cities in Canada.
- Average Rent: $2,009 (compared to the national average of $2,188)
- Change from Last Year: +2.9% (slower growth than the national average of 9.3%)
Rents by Unit Type in Kelowna
- 1-Bedroom Unit: $2,009 - This reflects the overall average rent for Kelowna. It has seen a slight increase of 1.0% compared to last month and a 2.9% increase year-over-year.
- 2-Bedroom Unit: $2,484 - Rents for 2-bedroom units show a different trend. While there's been no change compared to April 2024, they have actually decreased 4.3% year-over-year. This could be an interesting option for renters looking for more space without a significant jump in rent.
National Comparison for Context
(Data Not Available for Specific Property Types in Kelowna)
- Apartment: $2,124
- Condominium: $2,331
- House/Townhouse: $2,323
Looking for Affordable Options?
Compared to other major cities, Kelowna offers a more affordable rental market. Here's a national comparison:
- Vancouver: $2,646 (32.6% more expensive)
- Toronto: $2,459 (22.5% more expensive)
- Calgary: $1,736 (15.6% less expensive)
Keep in Mind
- Rents can vary depending on factors like location, size, amenities, and building type (apartment, condo, house, etc.). Data for average rent by property type is not currently available for Kelowna, but the national figures can provide a general idea.
- This data reflects average asking rents and may not represent the final rental price. It's always wise to factor in potential fluctuations and negotiate when possible.
Overall, Kelowna offers a more affordable rental market compared to major Canadian cities. However, rents are still on the rise. Be sure to factor in your budget, desired amenities, and any potential changes in rent prices based on the specific unit type you're interested in (1-bedroom vs 2-bedroom) when searching for your next place.
