Cost of rent continues to drop in Kelowna

Kelowna bucked the national trend last month with the cost to rent a one-bedroom apartment continuing to fall. The cost of renting a one-bedroom apartment in Kelowna dropped 2.3% in January compared to December to $1,853 while the rent for two-bedroom apartments posted on Rentals.ca fell 1% to $2,343. That follows on a year-over-year decline of more than 4% in both categories for 2023. At one point, Kelowna ranked 13th out of the 35 largest municipalities in the Rentals.ca ranking with rents for one-bedroom apartments higher than $2,000 per month. The city is now in 18th spot. Rents fell in about half of the cities surveyed including Vancouver where a 0.6% drop to $2,683 for one-bedroom apartments still left it as the most expensive city in Canada. The national average rent for all types of accommodation listed on the site was $2,196 in January. That was a record high and $200 per month more expensive than January 2023. Rental rates have been rising steadily in Canada since the summer of 2021. To contact a reporter for this story, email Rob Munro mailto:rmunro@infonews.ca  or call 250-808-0143 or email the editor mailto:news@infonews.ca . You can also submit http://tips@infonews.ca photos, videos or news tips to the newsroom mailto:tips@infonews.ca  and be entered to win a monthly prize draw. We welcome your comments and opinions on our stories but play nice. We won't censor or delete comments unless they contain off-topic statements or links, unnecessary vulgarity, false facts, spam or obviously fake profiles. If you have any concerns about what you see in comments, email the editor in the link above. SUBSCRIBE to our awesome newsletter here https://infotel.ca/newsletter .