The rental vacancy rate in Manitoba’s urban centres was 2.3 per cent in April 2015 compared to 2.1 per cent in April 2014, according to the Spring Rental Market survey released by the Canada Mortgage and Housing Corporation.
“A higher level of migration, mostly from international sources, continues to support demand for rental units in Manitoba,” said Dianne Himbeault, CMHC Senior Market Analyst for Winnipeg. “Contributing to an uptick in the vacancy rate, the universe of rental apartment units increased by 1,586 from April 2014 to April 2015, the result of additions outpacing the loss of units due to renovation or conversion to condominium.”
On the basis of a sample of structures common to both the 2014 and 2015 surveys, the average two-bedroom rent increased by 4.4 per cent in Manitoba. While same sample rent increases surpassed the Residential Tenancies Branch’s rent increase guideline for Manitoba of 2.4 per cent for 2015, there are some exceptions to the guideline that allow for a larger than 2.4 per cent rent increase. In Winnipeg, two-bedroom apartment rents increased 4.5 per cent on a same sample basis from April 2014 to April 2015. Vacancy rates were higher in most of Manitoba’s urban centres in April 2015.
The lowest vacancy rate was recorded in Brandon at 1.1 per cent and the highest vacancy rate was found in Steinbach at 6.6 per cent. In Winnipeg, the apartment vacancy rate was higher in April 2015, at 2.3 per cent compared to two per cent one year prior. In new and existing structures, the average two-bedroom apartment rent in Winnipeg was the highest among Manitoba’s urban centres at $1,033 per month. The second highest was in Thompson where a two-bedroom apartment rented for an average of $873 per month. The lowest average two-bedroom apartment rent was in Winkler at $681 monthly.