Kelowna climbs ranks in most expensive rents

May 17, 2023 | 11:07 AM

Data from a rental listing website has pushed Kelowna up the national rankings for most expensive places to live.

Rentals.ca ranked Kelowna as having the 13th highest rent in Canada this past April, up from 14th in March.

Data from the May Rent Report, based on listings on Rentals.ca, put the average rental rate for a one bedroom unit in Kelowna at $1,952, while the average monthly rent for a two-bedroom was $2,597 in April.

On a month-over-month basis, rent for a one-bedroom rose 0.8 per cent, while the rates for a two-bedroom declined 1.9 per cent.

However, on an annual basis, rent for a one bedroom rose 14.3 per cent, while the rate for a two-bedroom in Kelowna was up 2.6 per cent.

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Rentals.ca’s monthly rent report did not include comparative data for Vernon, but the website did have three listings posted as of May 17, 2023: renting a room in a shared two-bedroom/one bathroom apartment for $800; renting a one bed/one bath apartment for $1,250; and renting a one bed/one bath condo for $2,000 per month.

The rent report did include statistics for other B.C. communities.

Vancouver was ranked as Canada’s most expensive city to rent in April ($2,787 for a one-bedroom, $3,741 for a two-bedroom), Burnaby was ranked third most expensive place to live ($2,330 / $3,230), Victoria was ranked 12th ($2,005 / $2,604), and Surrey was ranked 15th ($1,930 / $2,394).

Kelowna was among five B.C. communities ranked as the most expensive places to rent in April (graphic courtesy of Rentals.ca)

British Columbia had the country’s highest average rental rates for all properties at $2,468 per month. That includes averages for zero-bedroom/bachelor suites of $1,900 per month, one-bedroom units listed at $2,149, two-bedroom units going for $2,746 a month, and the average rent for three-bedroom units being $3,283.

On an annual basis, zero-bedroom units in B.C. were up 11 per cent, one-bedrooms were up five per cent, two-bedrooms were up three per cent, and three-bedroom units were up six per cent.

Ontario had the second highest average monthly rent for all property types at $2,421, followed by Nova Scotia at $1,970.

Canada as a whole had an average rent for all property types of $1,935. That average was based on zero-bedroom/bachelor suites going for $1,377 per month, an average rate of $1,753 for one-bedrooms, two-bedroom suites rented at $2,120, and the average rent for a three-bedroom being $2,383.

Compared to data from April of 2022, average rent for all property types across Canada were up 10.1 per cent. That increase was driven by an annual rent increase of four per cent for zero-bedroom units, 10 per cent increases for both one- and two-bedroom suites, and a six per cent increase in three-bedroom rates.

by Liam Verster

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