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The Canadian Mortgage and Housing Corporation (CMHC) have released the latest data indicating the state of the rental market in the country.
According to the survey, Kelowna has a total of 4,478 units available to renters through private rental apartments. In April 2014, Kelowna has a rental vacancy of 1.4 per cent, and that number was even lower in October 2014 as the vacancy rate sat at 0.9 per cent. These are the lowest numbers seen in the city in the past five years. But now, that number is even lower.
The rental vacancy rate in Kelowna for October 2015 is considered good, and given a 'C' grade. The vacancy rate in Kelowna is currently 0.3 per cent and the average cost for rent for a two bedroom suite is $990 per month. At the same time last year, the vacancy rate was 1.0 per cent in Kelowna and the price for a two bedroom apartment just slightly lower at $980.
If you are looking to rent a bachelor or three bedroom suite in Kelowna, you are probably going to find yourself out of luck as at this time last year, the vacancy rate was zero per cent.
“The rise in the national vacancy rate was due to lower net migration in regions most affected by low oil prices as well as an increase in the supply of purpose-built rental apartment units,” said Bob Dugan, Chief Economist at CMHC.
Across the country, in October 2015, the average rent for a two bedroom apartment in new and existing structures was $960. Rates ranged from a high of 5.3 per cent in Edmonton, to a low of 0.4 per cent in Hamilton. Average monthly rents for two-bedroom condominium apartments were highest in Toronto ($1,754) and lowest in Québec ($1,065).
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