If you’ve been reading headlines lately, you might think Kelowna rents are climbing and landlords hold all the advantages. But here’s the truth: many units, especially condos, are sitting empty.
It’s not that people don’t want to rent in Kelowna. They do. The problem is that supply has surged, competition is fierce, and filling a vacancy now takes far more work than it used to.
Where the Vacancies Are
Most of the vacant properties are in downtown Kelowna. All those new condo towers that have just completed? They’re stacked with suites that look and feel almost identical, all competing for the same pool of renters. That’s why vacancies are dragging on longer than many landlords are used to.
Step outside the core, though, and the story changes. Single-family homes and townhouses in established neighbourhoods are still renting fairly quickly, especially if they’re close to schools and amenities, and priced right.
How Long Until Things Balance Out?
The oversaturated condo market won’t correct itself overnight. It could take until spring for things to stabilize. In the meantime, landlords are leaning on creative incentives – like a free month of rent, reduced deposits, free parking, or even gift cards – to get noticed.
Rental Prices vs. Reality
The media is telling us that rents are rising. On paper, maybe. But actual signed leases tell a completely different story:
- Most units are renting below the advertised price.
- Vacant units often rent quickly once the rate is adjusted, even just a little.
- Landlords are negotiating more than ever.
Waiting for a tenant to pay your ideal rent can end up costing more in lost income than lowering the price slightly and filling the unit.
The Extra Work Landlords Can’t Ignore
Here’s where the market has really changed. Price matters, but effort matters more. Tenants today have options, and if you’re not on top of things, they’ll move on to the next listing.
That means:
- Answering inquiries immediately: Not within a day, but within hours, or even minutes.
- Being flexible with showings: This means evenings, weekends, and often very short notice. If you’re only available Monday to Friday from 9 to 5, you’re at a disadvantage.
- Marketing like a pro: Strong photos, well-written descriptions, and virtual tours aren’t optional anymore. Landlords need to sell the property. What makes yours stand out from the rest?
Condo landlords in particular are learning this the hard way. There’s simply too much competition to take a casual approach.
The “Do It Yourself” Myth
Plenty of landlords still try to handle everything themselves to save money. But here’s the problem: saving money on management often costs more in the long run.
Taking photos, writing listings, answering inquiries, hosting showings, and screening tenants all take hours. How much is your time worth? More importantly, rushing or cutting corners can put the wrong tenant in your unit.
And the cost of a bad tenant? Missed rent, RTB hearings, eviction orders, bailiffs. Months of stress and thousands of dollars gone. That’s the reality of “DIY savings.”
A Marathon, Not a Sprint
Investing in real estate in Kelowna isn’t what it was four years ago, when waving a “for rent” sign could bring in a flood of applications. The market has shifted, and investing is no longer about instant wins.
We remind investors all the time: real estate is a marathon, not a sprint. Right now, the pace feels slow, especially for condo owners staring at empty units. But markets shift, cycles turn, and the landlords who adapt will come out stronger. And while the rent you collect today may not cover every expense, you are still building equity and expanding your wealth one payment at a time.
At Executives Property Management, we have boots on the ground every day and understand the realities landlords face in Kelowna’s market. From rising vacancies to tougher tenant expectations, we see it all. That’s why we focus on practical solutions that keep properties rented, reduce stress, and safeguard long-term returns. If your property is sitting vacant, or if managing it has become more work than you bargained for, reach out to us today. Our team is here to help.
– Treena Piva, Founding Partner, Executives Property Management
