Kelowna rental prices

[looking4one]

A quick search (really quick) and this is the second lowest on the price list.
http://classifieds.castanet.net/details ... t/2490892/


The other one was for Turks and Caicos.

[Even Steven]

Hey, my old apartment is listed.

$1500 now, 950 six years ago.

Talk about rising rates.

[Static]

I find Kelowna affordable. You definitely get more bang for you buck there.

[Even Steven]

I find Kelowna affordable. You definitely get more bang for you buck there.

Comparing to Vancouver? Yes, definitely. Same condo in Kits is probably 2,200/month easily.

[jasond_71]

It's supply and demand plain and simple. If young people are forced to move away and there was a shortage workers then employers would have to pay more to keep their employees. If too many people moved away there would be less renters and rents would drop.
Obviously this is not happening as rental vacancies are low. There is definitely not a shortage of nurses or teachers etc. People want to live here so rents are high. Do some people move to a cheaper area, yes. But a lot also stay here for less money and higher rent/real estate because of lifestyle. Could I make 100,000 more up north, yes but then I would be cold all the time:)

[JennParker]

It's supply and demand plain and simple. If young people are forced to move away and there was a shortage workers then employers would have to pay more to keep their employees. If too many people moved away there would be less renters and rents would drop.
Obviously this is not happening as rental vacancies are low. There is definitely not a shortage of nurses or teachers etc. People want to live here so rents are high. Do some people move to a cheaper area, yes. But a lot also stay here for less money and higher rent/real estate because of lifestyle. Could I make 100,000 more up north, yes but then I would be cold all the time:)

When the baby boomers retire, attracting young workers to fill vacancies will be a serious issue with the cost of living. It took my sister 8 years to get a full time position here in Kelowna at the hospital... and no, she cannot just go to any hospital. Her job is very specific to a certain area of health.

Comparing Kelowna to Vancouver is apples to oranges. Vancouver is expensive because it is, what, 6x the population base as Kelowna. It also has an international airport that employs many more people, a shipping and receiving industry, western headquarters for massive corporations.. The list is endless.

As for the rental rates, unfortunately the affordable homes are picked up very fast, anything over $2500/month has been sitting on the rental market for a while. Unfortunately, most people in this city cannot afford to rent a home for over that kind of money. Again, someone just getting out of nursing school won't be renting a $2500/month home. Where do you think they'll go? Within the next 5 years as these people start retiring, you'll notice a huge crunch.

[Hmmm]

When the baby boomers retire, attracting young workers to fill vacancies will be a serious issue with the cost of living. It took my sister 8 years to get a full time position here in Kelowna at the hospital... and no, she cannot just go to any hospital. Her job is very specific to a certain area of health.

Comparing Kelowna to Vancouver is apples to oranges. Vancouver is expensive because it is, what, 6x the population base as Kelowna. It also has an international airport that employs many more people, a shipping and receiving industry, western headquarters for massive corporations.. The list is endless.

As for the rental rates, unfortunately the affordable homes are picked up very fast, anything over $2500/month has been sitting on the rental market for a while. Unfortunately, most people in this city cannot afford to rent a home for over that kind of money. Again, someone just getting out of nursing school won't be renting a $2500/month home. Where do you think they'll go? Within the next 5 years as these people start retiring, you'll notice a huge crunch.

Kelowna is expensive, but its not out of this world expensive. Your comments, reflect a limited world view I'm afraid. Your future predictions are not in line with reality as I'm sure many people thought the same thing 10 years ago here and we're only getting bigger and rents higher. The biggest area I don't agree with you is, your thinking that the rents are so high. Like I said, its expensive here, but not anywhere near as costly as many other desirable areas of this world and considering that in this country, Kelowna is one of the most desirable areas, it will most likely just keep getting more expensive. You will look back in 10 years and wish the prices were the same as today.

[looking4one]

When the baby boomers retire, attracting young workers to fill vacancies will be a serious issue with the cost of living. It took my sister 8 years to get a full time position here in Kelowna at the hospital... and no, she cannot just go to any hospital. Her job is very specific to a certain area of health.

Comparing Kelowna to Vancouver is apples to oranges. Vancouver is expensive because it is, what, 6x the population base as Kelowna. It also has an international airport that employs many more people, a shipping and receiving industry, western headquarters for massive corporations.. The list is endless.

As for the rental rates, unfortunately the affordable homes are picked up very fast, anything over $2500/month has been sitting on the rental market for a while. Unfortunately, most people in this city cannot afford to rent a home for over that kind of money. Again, someone just getting out of nursing school won't be renting a $2500/month home. Where do you think they'll go? Within the next 5 years as these people start retiring, you'll notice a huge crunch.

1st of all, Kelowna also has an International airport.
2nd. Your sister should have made different schooling choices if she was getting into such a narrow market of employment. Maybe she should expand her knowledge base to compensate for the difference for the income shortage.
3rd. Kelowna's population is catching up to Vancouver very quickly and it is only going to get worse for rental shortages.
4th. Why would a landlord want to subsidize anyone's accommodations for them? Why is your sister's problem, also the problem of landlords?
5th. As the "baby-boomers" retire and enjoy their homes that they have paid for, some will also start to die off and that should help with the vacancy rates.
6th. Anyone that is fresh out of nursing school needs to get some real life experience and stop complaining that the life that she would like to become accustomed to is not going to be handed to her on a silver platter.
7th. The cheaper housing is picked up very fast in Vancouver, just like here. Get out and dig a little harder, settle for less until something better becomes available.

[Static]

The market will fix itself. There is over building everywhere I have traveled to this summer including the OKanagan. Kelowna is a desirable place to live, but a high cost of living will scare many people away. Vancouverites are already choosing the Island and sunshine coast over Kelowna because it's cheaper and is easy access to the city. The market is going to fix this naturally. Furthermore, Kelowna cannot rely on retirees to support its economy. At the end of the day it is the employed that sustains an economy. As long as wages are not competitive with other municipalities, the market will adjust itself naturally overtime.

[Static]

3rd. Kelowna's population is catching up to Vancouver very quickly and it is only going to get worse for rental shortages.

LMAO. What world do you live in? Kelowna will never catch up to Vancouver in my lifetime. At current growth rates, Kelowna will double in population every 24 years.

[jimmy4321]

Hopefully home prices catch up to Vancouver so i can get the hell out of here, Lol

[kgcayenne]

People are free to rent out their property at whatever rate they wish.

Nothing you can do about it (nor should you be able to).

You are correct, but that only applies to the initial rental contract. A landlord cannot jack the rent up at lease-renewal time. The legal options upon lease removal are: terminate, renew, or month-to-month. Any increase to the rent payable must be within the guidelines set forth by the RTB. If a landlord needs to increase the rent due to certain conditions, the landlord has every right to fill out the appropriate paperwork and provide information to substantiate the claim. The RTB will then consider the case and decide if the request is reasonable. It's a case-by-case basis, for the most part.

I was a fabulous tenant for law-abiding landlords, and a wicked pain-in-the-neck for slimy ones.

[Even Steven]

You are correct, but that only applies to the initial rental contract.

Correct. I was more responding to post along the lines of "How come this house is renting out for much more than this house?".

[looking4one]

Correct. I was more responding to post along the lines of "How come this house is renting out for much more than this house?".

You get what you pay for?

If you want #1 oats, you pay #1 price. If you want #2 price, you have to wait until the horse has run it through it's bowel first.

[A10ThunderboltII]

[i][quote="TylerM4"][quote="JennParker"]..clipped... I've been watching "The Lakes" development in Lake Country. 1st homes started selling about 8 years ago now for around $450,000. Today some of those same homes are listed at around $500,000[/quote][/i]

I see your reply was dated 2014..Well in 2016, 2 years later, a friend from "The Coast" just bought a 2 YO home in the Lakes...
@ $699,900 !! Others I see are $720K. Its a beautiful lakeview home (as is ours) so I'm happy for them.
They sold a 37YO 2br/basement house in North Van, listed 'conservatively' at $ 1,088,000 with OVER ASKING bids in TWO DAYS.

Now they have a swell place for their retirement years and a few hundred grand in "pocket change"..nice

Oh, BTW...No, they're NOT renting out their bsmt suite.