A recent article in the Winnipeg Free Press listed the current apartment vacancy rate in Winnipeg at a shocking low of 1.1%. That means of all the rental apartments in this fair city, only 1.1% of them are available for rent at present time – wow!
There are many factors, from economic to social to political, which can perpetuate low vacancy rates. In Winnipeg, the current situation can be attributed to the fact that more than 5,000 rental apartments have been converted to condominiums since the 1990s. To add fuel to the fire, new construction of rental properties is extremely limited, with most developers choosing to focus on homes for sale in an era of soaring construction costs; they are unable to keep rents for newly built units low enough to compete with existing ones.
A time of low vacancy presents obvious challenges to renters. Not only is it hard to find a vacant apartment, it gives property owners the upper hand and the ability to raise rental rates and profit from tenants' desperations.
It is always a tense time for renters, which is why avenue living is pleased to be able to offer Winnipeg renters a solution. We currently have some vacant suites in our Red River Pointe property, which is truly the best of all worlds from a tenant standpoint: this property offers renovated units and a great central location in the heart of Winnipeg's downtown, while still maintaining a low, utilities-included price tag. Contact us if you would like more info!
About avenue living™
Based in Calgary, Alberta, avenue living™ is Western Canada's fastest growing private apartment building owner and operator. We came from humble beginnings with a few buildings in Southern Alberta, and in just over four years have grown to manage over 2000 rental apartments in the Prairie Provinces. We now own and operate buildings in Brooks, Edmonton, Lethbridge, Moose Jaw, Regina, Saskatoon, Swift Current, Winnipeg and Yorkton, and continue to expand into new markets. Despite our rapid growth, we remain primarily focused on placing our valued customers' needs first and providing them with quality homes and apartments for rent. We also believe in providing our customers with housing solutions that let them actively participate in reducing their impact on our environment when renting with us, by continuing to upgrade our buildings to make them more energy efficient.