Kelowna rent reports differ
Okanagan Edge Staff - May 14, 2020 - Biz Releases

Photo: Contributed

One day after a report indicated the cost of rent in Kelowna was down significantly since 2019, another one released on Thursday found the opposite.

PadMapper, which analyzes rental data from hundreds of thousands of listings across the country, reports that this month’s median rental cost for a two-bedroom unit in Kelowna had increased 4.1% to $1,790 since May 2019.

A Rentals.ca analysis, which was released on Wednesday, indicated Kelowna’s average two-bedroom cost dropped nearly 13% from April 2019 to April 2020. It found last month’s average two-bedroom rent to be $1,829.

So the numbers today are close to the same, but they were clearly different a year ago.

Kelowna checked in once again as the eighth most expensive Canadian city in which to rent a one-bedroom home, according to PadMapper, with a median price of $1,430. That figure is up 0.7% from April and a whopping 11.7% from April 2019.

The COVID-19 pandemic is hitting Canada’s major centres harder, as Vancouver, Toronto and Montreal all experienced drops in median rent prices over the last month. It was the first time since PadMapper started tracking prices that Toronto reported a price decline.

Image: Contributed


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