What a difference a month makes.

In June, the median monthly rent for a typical one-bedroom apartment in Kelowna had climbed to a record-high of $2,010.

Just released figures for July, show a 6%, or $120, slide to $1,890.

It's a simple supply and demand model.

Kelowna's been having a construction boom of apartment buildings — mostly those 6-storey complexes — over the past couple of years.

As more and more of those buildings come on stream, potential renters have more choice, landlords have more competition and rents come down and incentives go up to get tenants to sign on the dotted line.

These statistics come from Zumper, the online platform that lists apartments for rent and compiles the monthly Canadian Rent Report.

Kelowna's 6% rent tumble was the second biggest month-over-month, tied with Victoria and just off Vancouver's 7.4% rent drop.

"Rents continue to cool," said Crystal Chen of Zumper.

The national trend over the past 10 months has been gradual declines as rents seemed to have hit the ceiling and potential renters hit the pause button amid continued inflation, stagnant wages, economic uncertainty and lack of consumer confidence.

However, during that 10 months, apartment rents in Kelowna had more of a roller coaster ride.

After peaking at $2,010 in August 2024, there were incremental decreases down to $18,50 in March 2025 and then incremental increases back up to the record-high $2,010 in June and then this most recent trip to $1,890 in July.

The overall scenario prompted that aforementioned competition amongst landlords to entice potential tenants with lower rents and incentives.

Speaking of incentives, they abound in Kelowna.

A quick look on Zumper's website shows that Parkview Valley and Lavida apartment buildings, both on Benvoulin Road, are offering two months free rent on a 14-month lease.

Knox Village on Cara Glen Court is luring renters with one-and-a-half months free.

And Mission Flats, KOVO, 285 Dougall, Abourwood, The Ambrosi, Glenmore Central, The Rise, Midtown, Park Central, Trio and Lindgren Manor are all handing out a month free rent, most on a 13-month lease.

Some places are also offering free parking and free internet.

In 2023, Kelowna's apartment vacancy rate was a low 1.3%, meaning only 1.3 of every 100 apartments was for rent in the city at any given time.

The vacancy rate is now estimated to be 5% or 6%, thanks to all those six storey apartment buildings flooding the market.

While rents are currently down, Kelowna is still considered to be unaffordable for many, which means many people are in apartments smaller, dumpier and not as ideally located as they'd like.

Still others continue to live at home with their parents or a roommate or roommates because they can't afford a place of their own.

In July, Kelowna was the 7th most expensive city in the country to rent a one-bedroom apartment behind Vancouver at $2,500, Burnaby with $2,380, Toronto at $2,220, Halifax with $2,100, Victoria at $2,020 and Ottawa with $1,980.

The cheapest places in Canada to rent a one-bed are Edmonton at $1,310, Saskatoon, Regina and Quebec City at $1,330 and Windsor at $1,400.

When it comes to two-bedroom rents, Kelowna is also the 7th priciest in Canada at $2,380 a month.

That's down incrementally from the record-high $2,700 it was at in September 2023,

Ahead of Kelowna in two-bed price is Vancouver's $3,490, Burnaby at $2,900, Toronto's $2,810, Victoria at $2,790, Halifax with $2,510 and Ottawa at $2,500.

Least expensive was Saskatoon at $1,570, Regina with $1,600, Windsor at $1,620, Quebec City with $1,650 and Edmonton at $1,660.