Rent report says Central Okanagan has 4th highest rent rates in nation – Okanagan | 24CA News
Finding a spot to hire within the Central Okanagan isn’t simply arduous, it’s additionally costly.
But none of that is news to those that hire within the area.
This week, the Canadian Mortgage Housing Corporation (CMHC) launched its yearly report on rental items throughout the nation.
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1-bedroom residence hire in Kelowna reaches $2K a month
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And, not surprisingly, the Greater Kelowna Area is likely one of the costliest locations to hire in Canada. It additionally has a ridiculously low emptiness fee that’s beneath one per cent.
The report says the rental emptiness fee for two-bedroom residences within the area, which stretches from Lake Country to Peachland, is at 1.2 per cent, up from 0.6 per cent one 12 months in the past.
Regarding hire, the report listed a mean value of $1,690 for a two-bedroom residence in a purpose-built rental constructing, up from $1,475 one 12 months in the past. It additionally stated the typical value of a two-bedroom apartment unit is $2,234 – the fourth-highest value in Canada.
Only Toronto ($2,692), Vancouver ($2,504) and Victoria ($2,321) have larger two-bedroom rental costs than Kelowna.
In its report, CMHC says rental housing provide has surged however demand has outpaced development, leaving the nationwide emptiness fee at a near-historic low.
The report additionally stated:
- The common hire development for 2-bedroom items was considerably larger for items that turned over to a brand new tenant than those that didn’t.
- The common hire for a 2-bedroom residence reached an all-time excessive.
- Low rental housing inventory disproportionately impacted low-income renters.
The report is out there on CMHC’s web site.
However, CMHC’s costs fall quick compared to one other group’s rental report.
In its January 2023 report, the web site Rentals.ca says the typical two-bedroom unit in Kelowna goes for $2,480, whereas one-bedroom items go for $1,983.
On its web site, rents within the Greater Kelowna Area diverse, with some at slightly below $2,000 and others at $2,700.
The report additionally listed Vancouver as having the best two-bedroom prices within the nation at $3,562, with Toronto second at $3,215.
Vancouver additionally had the best one-bedroom prices at $2,596 monthly, with Toronto second at $2,457.
“The annual rate of rent inflation in Canada remained in double-digits for the eighth consecutive month in December,” reads the report. “The common listed hire for all property varieties elevated 12.2 per cent 12 months over 12 months to succeed in $2,005, a rise of $217 from the December 2021 common of $1,788.
“On a month-over-month basis, average rents decreased 1.0 per cent, which is a typical seasonal occurrence. This is the second straight month the average monthly rent has exceeded $2,000.”
That report can be accessed right here.
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