Winnipeg rental prices on the rise: new report IG News

IG News Updates,

A new report shows that the cost of renting an apartment in Winnipeg is on the rise.

The report published by Rentals.ca shows that the prices have increased by 9.6 per cent compared to last year.

This is based on units available for rent in the city, meaning those who are currently renters may not feel the increase, but those looking at a new build or renovated suite may have more money to spend. Can be

“I’m worried,” said Nick Chimitalo, who lives in a rental downtown. “I know some friends are trying to find a place here – the rental price too, it’s too high.”

Avrom Charach, a spokesman for the Professional Property Managers Association, said the rising prices were being driven by new constructions.

“When you have a whole bunch of new units coming in at $1,900 or $2,000, that drives up the average rent in the province very quickly,” Charach said.

Remodeling of existing units also plays a part in the price.

“A lot of us with older apartment stock, like my company, when people move out, we are completely closing a lot of our units and renovating them for 2023 living standards. “

This is a problem for many people in the city.

Colleen Vincent, who recently moved in, said, “I downsized, but it was because of the fact of inflation. I’m paying less now, but I don’t have such a big place.”

The average price for a one-bedroom apartment is around $1,300 per month.

“That’s for a one bedroom? That’s what I was paying for a two bedroom in Edmonton,” said Casey Shea, who has just moved back to Winnipeg.

While rental averages climbed at a lower rate than the national number, the increases are still alarming for affordable housing advocates.

Josh Brandon, a community animator with Winnipeg’s Social Planning Council, said, “It’s a matter of great concern. People we talk to are struggling to put food on the table, to pay their utility bills. “

He notes that some families are being locked out of rental units and says the issue highlights the need for more social housing to rent for income.

“No one should be paying more than 30 percent of their income on rent and with the housing prices we see today, more and more families are paying upwards of 50 percent of their income for rent and This means they are having to make very difficult choices around groceries, utilities and other basic needs.”

Rent increase guidelines for 2022 and 2023 in Manitoba were zero percent, however, buildings that are 20 years or older and rents above $1,670 are not subject to rent control.

The last Canadian Mortgage and Housing Corporation report in January said the vacancy rate was 2.7 per cent. The national rate at that time was 1.9 per cent.

However, Charach says Winnipeg’s vacancy rate has dropped to almost zero percent.