Mission Group Rentals Ltd. got the OK from Kelowna city councillors to move forward with its mixed-use purpose-build rental apartment building for West Avenue in Pandosy in June, 2019. (Mission Group)

Okanagan city ninth most expensive for rent in Canada, report says

The average roommate needs to earn almost $20 per hour to afford rent

Kelowna’s average rent prices for a two bedroom property has increased 3.3 per cent to $1,878 since July, according to a recent report.

This places Kelowna ninth out of 37 cities in Canada on a list of the most expensive places to live; only Vancouver (first place) and Burnaby (fifth place) surpassed Kelowna as the other most expensive B.C. cities for renting, according to Rentals.ca’s August National Rent report.

According to the researchers, the rise of rent is harming middle class and low-income renters.

“This means the people who can least afford an increase in their monthly housing costs are the ones being subjected to the highest rent inflation,” president of Bullpen Research and Consulting Ben Myers said.

READ MORE: Real estate consultants predict renting in Kelowna will get easier

If two Kelowna residents split the cost of an average rental unit, listed at $1,878, each roommate would pay $939.

Adhering to the national rule-of-thumb that rent is 30 per cent of an inhabitant’s income; this would mean that each roommate makes $3,130 per month.

Per hour, each roommate would need to make $19.56 and work 40 hours a week to afford the average rent price in Kelowna.

Average B.C. rent has increased a collective five per cent in June and July, bringing the provincial average to $1,889.

However, there may be a silver lining to the most recent report — it stated:

“As more than 250,000 new housing units are added to the Canadian market, the rent growth experienced since early 2018 should slow down. This is near the highest level of construction in the country in over 25 years.”

The National Rent Report charts and analyzes national, provincial and municipal monthly and quarterly rental rates and market trends across all listings on Rentals.ca for Canada.

The figures represent the actual rents a potential tenant would encounter when seeking to rent an apartment, according to Rentals.ca

READ MORE: Fuhr, Gray weigh-in on Trudeau’s SNC-Lavalin ethics violation



David Venn
Reporter, Kelowna Capital News
Email me at david.venn@kelownacapnews.com
Follow us on Facebook | Twitter

Just Posted

Vernon artist waves women’s flag in Penticton

SheShe declares femininity with all-encompassing exhibit

B.C. man who murdered Belgian tourist near Boston Bar gets life in prison, no parole until 2042

Sean McKenzie pleaded guilty to second-degree murder of 28-year-old Amelie Christelle Sakkalis

Oliver to be future home of Canada’s first District Wine Village

The village will have 16 spaces for producers in the wine, cider, beer and spirits industry

Penticton’s Hoodoo Adventures to host first Canadian event in Adventure Racing World Series

“BC Wild” Canada Expedition will run June 2020 and highlight the Okanagan Valley

City of Penticton to offer free parking in the downtown on Saturday’s in December

This will come at a cost of approximately $5,000 to the city

Bye bye Bei Bei: Giant panda born in U.S. zoo heads to China

Panda heads back to China as part of cooperative breeding program

B.C. to advocate for frustrated, confused, unhappy cellphone users, says premier

Maple Ridge New Democrat Bob D’Eith to advocate for more affordable and transparent cellphone options

WATCH: Coldstream garage fire as hot as 275 C: deputy fire Chief

Shop fire potential for ‘one heck of a fireworks show,’ O’Hara says

North Okanagan women head up college board

Gloria Morgan named chair and Juliette Cunningham vice-chair Tuesday

‘Very disrespectful’: B.C. first responder irked by motorists recording collisions on cellphones

Central Cariboo Search and Rescue deputy chief challenges motorists to break the habit

Daily cannabis linked to reduction in opioid use: B.C. researchers

Researchers looked at a group of 1,152 people in Vancouver who reported substance use and chronic pain

Man accused in fatal Salmon Arm church shooting also charged with arson

Parmenter family home badly damaged by fire a month before killing

Thieves smash way into Vernon business

Incident at Simply Delicious happened at 4:30 a.m. and was caught on video

Most Read