Kelowna rentals - have prices come down?

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Kelowna rentals - have prices come down?

Postby gjohns87 » Jan 15th, 2019, 2:38 pm

I was looking through castanet classified's and facebook marketplace, it seems there is a lot of rental availability right now. I'm curious if anyone has noticed if this has brought the average cost of rental units in Kelowna down at all, or are monthly rents for newly listed properties staying the same as before?
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Re: Kelowna rentals - have prices come down?

Postby whatwhat » Jan 15th, 2019, 2:50 pm

I have a girlfriend who just recently moved in fall of 2018. We were just browsing the rentals recently to see what was out there and both agreed it appears they have gone up slightly since she was last looking, only a few months ago. We couldn't believe what the price of renting just a room is now (650-900$).
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Re: Kelowna rentals - have prices come down?

Postby soupy » Jan 15th, 2019, 3:25 pm

I have a friend who rents a 2 bd 1/2 duplex in the downtown core.
He had to lower his asking price to below what the previous tenants were paying.

Supply and demand
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Re: Kelowna rentals - have prices come down?

Postby W105 » Jan 15th, 2019, 3:56 pm

I too know a few people who had to lower their rental prices...depending what you're renting out, where it is located and what's included is kind of in the renters favor these days...it ain't a hard up city anymore for rentals and the city plans on building a lot more in the future...demand is going to be met eventually.. we just need the good paying steady jobs to keep this city rolling to a better future

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Re: Kelowna rentals - have prices come down?

Postby Mark1111 » Jan 15th, 2019, 4:00 pm

Some have gone up, Some have stayed the same. Depends on the if the utilities are covered, the condition of the property etc. There are a number of condo's being completed now but we keep hearing of large numbers of people still moving to Kelowna so I am not sure we'll see a glut of supply anytime soon.
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Re: Kelowna rentals - have prices come down?

Postby gjohns87 » Jan 15th, 2019, 4:23 pm

Will be interesting to see what changes between now and May when most landlords have their tenants vacate for summer short term rentals. If a renter is smart, they will be aware of the new tenancy laws.. I wonder if we will see stories of tenants refusing to move out (as is their new right) and the owner's squawking on here and other news sources?
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Re: Kelowna rentals - have prices come down?

Postby Always Sunny » Jan 15th, 2019, 4:40 pm

The spate of rental developments I think has cooled the market on suites.

If you can have a nice, new, separate condo/apartment (the ones on Richter, Carrington Ridge on the west side) for a similar price as to what landlords are asking for suites these days...those prices are going to come down. Sharing laundry and hearing every move of the landlord upstairs isn’t worth it when $100 (even the same price) will get you a newly built condo.

Those developments have their own websites generally so you don’t seem to see the ads on Castanet as often.
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Re: Kelowna rentals - have prices come down?

Postby alanjh595 » Jan 15th, 2019, 6:01 pm

gjohns87 wrote:I was looking through castanet classified's and facebook marketplace, it seems there is a lot of rental availability right now. I'm curious if anyone has noticed if this has brought the average cost of rental units in Kelowna down at all, or are monthly rents for newly listed properties staying the same as before?


Have you looked at the rental prices?
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Re: Kelowna rentals - have prices come down?

Postby alanjh595 » Jan 15th, 2019, 6:11 pm

Some prices may have appeared to lower in favour the low rent units that becoming available until........you start adding in the extras like 1-2 parking spaces, storage, dope dealing neighbours, a unit so small you have to go out to the hallway to pull on your underwear, and no tolerance for pets. What a great place to raise a child in.

Hey....good luck. Enjoy. :D
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Re: Kelowna rentals - have prices come down?

Postby alanjh595 » Jan 15th, 2019, 6:19 pm

AND just after I posted that, the following just came up.

Kelowna rent climbs again
Kelowna remains firmly ensconced as the seventh most expensive city in Canada in which to rent a one-bedroom apartment.

PadMapper released its January report on Tuesday, and the average price for a one-bedroom abode in the city in December was $1,300. That represented a four per cent increase from November and a whopping 15 per cent uptick over December 2017.

A two-bedroom apartment in Kelowna, meanwhile, was the fifth-most expensive in the country, checking in at $1,680. It was the same price in November, but it is a five per cent increase over December 2017. Only Toronto, Vancouver, Burnaby and Montreal have a higher two-bedroom average price


https://okanaganedge.net/2019/01/15/kel ... mbs-again/
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Re: Kelowna rentals - have prices come down?

Postby W105 » Jan 15th, 2019, 7:40 pm

there's real life and then there's articles Alan (or like you like to call it "opinions" ) lately some rentals have been dropping in price to gain some interest and edge or just remaining the same and not increasing....and you really wouldn't have any idea since you have owned all your life and never been a renter nor had a tenant in 35 yrs (your own personal words)..my son is a new renter and I have many family members and friends that have rentals (and rely on the income)..it's not near as frenzied as it has been in previous yrs...the city plans on building roughly 400 rental units per yr...( there's an article online that's easy to find )
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Re: Kelowna rentals - have prices come down?

Postby atenbacon » Jan 15th, 2019, 8:07 pm

I don't rent, I own my house. Say I wanted to rent out my basement suite (1 Bedrrom) Separate entrance, what should I charge roughly per month? I have no clue what they are currently going for.
You have to keep an open mind until it is proven one way or the other. You just can't take the T.V. or internet word on it.
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Re: Kelowna rentals - have prices come down?

Postby ckil » Jan 16th, 2019, 6:23 am

atenbacon wrote:I don't rent, I own my house. Say I wanted to rent out my basement suite (1 Bedrrom) Separate entrance, what should I charge roughly per month? I have no clue what they are currently going for.



List it for what you believe it is worth, then wait and see. You do not have to rent it out because you're advertising it.
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Re: Kelowna rentals - have prices come down?

Postby Mark1111 » Jan 16th, 2019, 7:40 am

atenbacon wrote:I don't rent, I own my house. Say I wanted to rent out my basement suite (1 Bedrrom) Separate entrance, what should I charge roughly per month? I have no clue what they are currently going for.


Depends:
Is it a legal suite?
Has it been recently renovated?
Includes utilities, Shaw internet package?
Are pets ok?

The classifieds can give to guidelines but I would suggest you speak to a property manager and use them to find and screen your potential tenants.
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Re: Kelowna rentals - have prices come down?

Postby Silverstarqueen » Jan 16th, 2019, 8:19 am

With interest rate hikes over the last year, any mortgages being paid by landowner have increased cost for them (variable rate mortgages). At some point, they have to raise rent to cover that. Midwinter the resident population is at its lowest. Wait a few months and we will see how rental situation actually looks.
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