Incentives outshine rent drops as prices hold steady in Kelowna

This stability underscores the city’s strong demand, with new units quickly absorbed by eager renters.

Data from Zumper, an online rental listing platform, shows prices are essentially flat year-over-year. This stands in stark contrast to high-supply markets like Vancouver and Toronto, where rents have dropped by 9 to 10 percent.

The average cost of renting a one-bedroom apartment was $1,930 per month in December, while a two-bedroom set you back $2,310. These figures position Kelowna as the seventh most expensive rental market in Canada.

Instead of lowering monthly rents, spokesperson Crystal Chen said landlords are offering incentives to court new tenants: free parking, lower security deposits, even up to two months of free rent.

"While the rent may not be lower than this time last year, the specials do make the move-in costs a lot lower," Chen said. "It is a good time for renters to snag a deal on amenity rich apartments that may have been out of reach."

Chen predicts rental prices will remain steady in the coming months but notes a potential for increases as summer approaches and demand intensifies.

Whether the influx of new inventory expected this year will be enough to meet Kelowna’s high demand remains uncertain.

"If you are a Kelowna renter and you can move in the next months, now is the best time to snag a deal as there is a lot less competition."