Looking to rent in Kelowna? Good luck
Latest numbers from CMHC show Kelowna's apartment vacancy rate is 0.7 per cent
A property manager in Kelowna says he is finding it impossible to match his clients with accommodation these days.
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"It is really tough, there isn't much out there," said Ron Baszucki, property manager with Associated Property Management.
The vacancy rate in Kelowna is less than one per cent. The latest numbers — released in October 2015 by Canada Mortgage and Housing Corporation — show the apartment vacancy rate was 0.7 per cent.
Baszucki said all he can do is take down names.
"It's tough, you can put a big list together but if you don't have the product coming in there isn't much point in anyone holding out hope" he said.
Baszucki said there are many contributing factors, including a number of people moving to Kelowna, homeowners selling their properties and people putting their homes up for vacation rentals.
He said there is also a lack of new housing being built.
No change on the horizon
A report from city staff in Kelowna in April showed the city recently approved 1,430 new residential units to be built, but as Baszucki points out, it could be years until those units have an impact on vacancy rates.
"The condos we see going up are happening, but are a ways away from completion," he said.
Baszucki said most of the calls come from people looking for a two or three bedroom property, with everyone from couples to families to professionals looking for a place.
The supply of rental properties is expected to get even tighter, he said, as university students will soon be searching for housing too.
With files from the CBC's Daybreak South.
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