Kelowna is now the fifth most expensive city for rental prices, according to a new report.
Zumper, formerly known as PadMapper, stated in its new report that 14 Canadian cities experienced an upward trend in rent prices. Vancouver has topped the list with a five per cent increase for a one-bedroom unit and a one per cent increase for a two-bedroom. Prices average $2,100 for a one-bedroom and $2,890 for a two-bedroom.
Kelowna comes in at fifth place, with a 3.2 per cent increase in one-bedroom rental prices and a 16.2 per cent increase for a two-bedroom unit year over year. This means the median price for a one-bedroom rental unit is at $1,600 a month, and $2,080 for a two-bedroom.
Other cities in the top five include Toronto, Barrie and Victoria.
“With a majority of cities growing in monthly rent prices, Canada’s rental market seems to be experiencing a strong recovery,” the report said.
Other cities that have seen monthly changes include Halifax (Nova Scotia), St. Catharines (Ontario) and Quebec City (Quebec), with rental rates increasing in these three cities.
Cities that experienced a decrease in rental rates include St. John’s, Oshawa and Kitchener. St. John’s has the lowest rental rates according to the report, coming in at $820 for a one-bedroom and $910 for a two-bedroom.