In Padmapper’s monthly Canadian National Rent Report, Kelowna was ranked as the seventh most expensive market in the country.
The report, which takes into account thousands of listings of rentals across the 26 largest cities in Canada found that Kelowna ranked as the 7th most expensive rental market with the prices of one and two bedroom units settling at medians of $1,160 and $1,630, respectively.
Since this time last year, the price of one bedroom rentals is up 13.7 per cent.
While high prices aren’t good news for renters, there has been some stability.
Overall, 16 cities saw an upward rental growth trend, nine downward, and one stayed flat last month.
The top ten markets had a fairly stable month without any changes in the rankings until the bottom two.
Notably, Toronto held on steady to its ranking as the most expensive city to rent in Canada with one bedroom rent even increasing slightly, while Vancouver saw one bedroom rent dip below $2,000 again.