The rent is still high but stable
Photo: contributed
The cost of renting in downtown Okanagan seems to have stabilized, according to the latest statistics from the Castanet ad section.
Average one-bedroom rent in May was $ 1,435, down from $ 1,532 in April and $ 11 cheaper than in May 2021. Last month’s figures were based on 52 listings in the Castanet ads.
The two-bedroom rental price rose slightly in May from $ 2,114 in April to $ 2,199 last month. Again, this figure is comparable to last year at this time, when the average price of two rooms was $ 2,166 in May 2021.
It was at this time last year that rental prices rose sharply in the Kelowna metropolitan area, making it one of the most expensive Canadian cities to rent a home in.
To put last month’s figures in perspective, average one- and two-bedroom rents were $ 191 and $ 502 more than in May 2020, respectively.