Oh, how the tide has turned.

Just a couple of years ago the apartment vacancy rate in Kelowna was an ultra-tight 1.3% and tenants had no choice but to snap up available units quickly at exorbitant rents.

Today, a construction boom has flooded the market with apartments, the vacancy rate is between 5% and 6% and renters can take their time to shop the deals.

Photo credit: ZumperThe median monthly rent for a typical one-bedroom apartment in Kelowna was $1,860 in September, $2,380 for a two-bedroom.

For instance, not only has the median monthly rent for a typical one-bedroom apartment in Kelowna tumbled significantly from a record-high of $2,010 in June to $1,860 in September, but free-rent bargains abound.

For example, the new 285 Dougall apartment building in Rutland is luring tenants with a three-months-free-rent incentive if they sign a long-term lease.

The Parkview Valley, Knox Village and Mission Flats apartment complexes are offering two-months free rent on long-term leases and the Trio, Conservatory, Glenmore Central and Lindgren Manor apartments are touting one-month free rent to tenants who will sign at least a year lease.

Some of these deals are also combined with free parking and free internet inducements.

"For renters, conditions remain the most favourable they've been in several years," said Crystal Chen, the communications manager at Zumper, the online platform that lists apartments for rent and generates the monthly Canadian Rent Report.

"Affordability has improved in Canada's biggest cities and continued supply completions (apartment building construction) suggest further adjustments ahead."

In Kelowna's case that's the abundance of six-storey apartment buildings that have been built with the apartments now coming on stream, creating competition among landlords to offer lower rents and incentives to attract tenants.

Photo credit: ZumperKelowna's had a boom of 6-storey apartment building construction over the past few years.

Chen calls the scenario "a broader market rebalancing."

"Record levels of apartment construction, combined with slowing population growth due to recent immigration policy changes and a softer labour market, are putting downward pressure on rents," she said.

Some would say Kelowna's median monthly rents of $1,860 for a one-bed and $2,380 for a two-bed are still unaffordable.

And that's true in many cases.

There are still lots of people in Kelowna who would like their own apartment, but are still living with their parents or roommates because they can't afford to strike out on their own.

You only have to go back to 2017 when one-bed monthly rent in Kelowna was under $1,000 and under $1,500 for a two-bed.

In September, Kelowna was the 8th most expensive city in Canada to rent a one-bed, the 7th priciest for a two-bed.

The cities ahead of Kelowna on the one-bed list are Vancouver at $2,520, Burnaby with $2,310, Toronto at $2,200, Halifax with $2,100, Victoria at $2,070, Ottawa with $1,990 and Kingston at $1,890.

The cheapest cities to rent a one-bed are Saskatoon at $1,300, Regina with $1,340, Edmonton at $1,380 and Windsor with $1,450.

_{Thumbnail photos from Zumper}