Average monthly rents were down in April compared to March in many Canadian cities including Kelowna, according to the monthly National Rent Report from Rentals.ca and Bullpen Research and Consulting.
Rental apartments and condo apartments were also listed on Rentals.ca. They were down 3.2 per cent and 4.6 per cent respectively month over month, even though average rents in Canada were unchanged in April over March.
Statistics indicate COVID-19 is beginning to affect the rental market.
Kelowna’s average monthly rent in April for a two-bedroom home was $1,829, down from $1,847 in March. Average monthly rent a year ago in April in Kelowna was $2,091.
In comparison, Vancouver finished sixth on the list of 33 cities for average monthly rent for all property types for a one-bedroom home at $1,894 and third for average monthly rent for a two-bedroom at $2,478. Month over month rent in Vancouver was down 5.6 per cent for a one-bedroom and 15.8 per cent for a two-bedroom.
On a provincial level, Ontario had the highest rental rates in April 2020, with landlords seeking $2,141 per month on average for all property types (median: $2,080). British Columbia had the second-highest rental rate at $1,946 per month (median: $1,800), while Newfoundland and Labrador had the lowest at $1,001 (median: $855).