Kamloops has always had a great rental market when compared with other BC interior cities like Kelowna and Vernon. Kamloops is known more of working class town where as Kelown and Vernon have had more interest seniors downsizing from large cities like Vancouver and Victoria. As a result home prices tend to be a little more expensive in Kelowna and Vernon.
One of the reasons Kamloops has had such a great rental markets over the years has been a lack of multi-family residential units – apartment complexes. The majority of apartment complexes that are out there are old (40 years) and have been well used. Look for this trend to change a bit as demand continues to grow for rental properties in Kamloops.
On top of this large corporations have snapped up a majority of the apartment complexes in Kamloops, with the Kelson Group leading the way. This all translates into a Seller’s market for multi-unit residential rental units (6 or more units) as well some rent stability for current landlords.