The City of Kelowna’s first Rental Housing Inventory shows a significant number of rental units in the city are over 40 years old.
The report will be viewed by council on Monday, Aug. 23.
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Between 2011-16, 73 per cent of new households in Kelowna were renter households. This compares to 32 per cent in the previous five years. Vacancy rates remain low as a result of strong demand, rising from 0.6 per cent in 2016 to just 1.9 per cent in 2018.
Of the 8,090 purpose-built rental units in Kelowna, 6,667 in 146 buildings are primary market rentals and 1,423 in 29 buildings are subsidized rentals.
Sixty-three per cent of all market rental buildings were built before 1980, while 50 per cent of all subsidized rental buildings were built between 1980-90.
The report found family-friendly three-bedroom units are in short supply among market rentals (three per cent) but are better represented in subsidized rental buildings (16 per cent).
The city also found older buildings are not placing as much priority as they should on maintenance and efficiency upgrades.
The city plans to host a workshop to connect property owners/managers of existing rental buildings to funding and financial opportunities this fall.
It also plans to continue exploring additional incentives and regulations for purpose-built rental housing.
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