How do you feel about apartment hunting? Excited about new frontiers and opportunities? Ready for a change? Perhaps a little apprehensive?
No matter your reasons for moving and your feelings about the impending process, one thing is certain: You're hoping to find an affordable rental that will meet (and hopefully even exceed) your expectations without breaking the bank.
While rental prices do continue to steadily increase in Winnipeg, there are definitely some practical ways to mitigate high monthly rates. Below, we'll consider the realities of renting in Winnipeg in 2023 and offer some possible solutions for staying on budget:
Unfortunately, in the post-pandemic reality, finding an affordable long-term lease can be a challenge. In 2023, the Winnipeg rental market is crowded, and rental prices will continue to increase year-over-year (even with provincial rent increase guidelines set at 0% for 2022-2023).
As of January 2023, a report from Rentals.ca revealed that Winnipeg rents were up 5.3% for one-bedroom apartments and 11.4% for two-bedroom apartments since 2022. In addition, rent for a two-bedroom apartment in Winnipeg currently exceeds Canada's national average.
Housing market experts expect this rising trend to carry on based on economic and social factors. But don't lose hope. Despite the financial pressures of rising costs on apartment owners, property management companies, and renters alike, there are still many possible options for keeping your rental costs in check.
You may have your heart set on the trendiest neighbourhood in town. But guess what? So does everyone else. Do some exploring to find the hidden gems—neighbourhoods that are lesser known but still appealing. Chances are, you'll be able to save a bundle on rent.
Living with roommates isn't for everyone, but if you can find the right person to share your space, you'll seriously cut down your rental expenses (by half, to be exact). You may even be able to afford a bigger place in a nicer area if you're not footing all the bills on your own.
Downsizing clutter is a serious trend right now, and if you can jump on the bandwagon, you might be able to move into a smaller apartment without feeling overly cramped. Consider how much of your space is actually used in everyday living and which belongings you might be ready to part with.
One way to offset higher rental rates is by trimming the fat elsewhere. Besides being good for the planet, reducing your monthly utility usage is also good for your pocketbook. Remember to turn off lights when you leave a room, take shorter showers, and even put on a sweater instead of turning up the thermostat when chilly. These habits can lead to big savings!
The bottom line is that, though rental rates have once again increased in 2023 and are predicted to continue trending upwards, there are practical ways to reduce your rent and find an affordable apartment to meet your needs.
Seeking Winnipeg apartments for rent? Contact us at Globe Property Management today!