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Kelowna is the ninth most expensive Canadian city in which to rent an apartment, but that could change thanks to new policies from council and new construction.
That’s the word from rentals.ca and Bullpen Research & Consulting, which conducted its March national rent report and found that the average price of a one-bedroom apartment is $1,299 and $1,574 for a two-bedroom unit.
The current rental vacancy rate in Kelowna is 1.9 per cent, and all signs point to it increasing over the next two years. Canada Mortgage and Housing Corporation economist Taylor Pardy, who spoke in Kelowna last week at a Canadian Home Builders’ Association Central Okanagan luncheon, told rentals.ca the vacancy rate will increase because of “the volume of apartment rental units currently under construction.”
Pardy noted apartment projects in 2018 completed in the Glenmore/North Glenmore, South Kelowna and Gellatly areas, and he said projects under construction that could come onto the market in 2019 include those in the Glenmore area, university district, downtown and a few areas in West Kelowna.
Kelowna city council also recently introduced bylaws that will restrict the number of short-term rentals through Airbnb or VRBO.
Despite the rising vacancy rate, experts suggest those looking for places to rent get started early.
“It is important when searching for Kelowna rentals to give yourself plenty of time to score a good deal,” Rentals.ca CEO Matt Danison said in a press release. “Rentals.ca recommends starting your rental search three months in advance.
“A lot of people begin the process too late, and unless they get lucky they might be forced to go with something either out of their budget or in an undesirable location.”
Image: Contributed
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