Market Overview
Winnipeg's asking rents eased over the past year. Rentals.ca put the city's average asking rent across all property types at $1,653 per month in September 2026, down 3.7% from a year earlier, in the city highlights of its Rentals.ca and Urbanation National Rent Report published October 7, 2026. On the same all-property-type measure, the national average was $2,034, down 4.2% year over year in the 24th consecutive month of annual declines.
On the apartment and condo measure, Rentals.ca listed Winnipeg at $1,624, among the lowest rents in the country alongside Quebec City ($1,626). Manitoba apartment and condo asking rents rose 0.3% from August but were down 3.4% from a year earlier. Over three years, Manitoba rents are still up 13.4%, the second largest increase of any province after Saskatchewan.
Vacancy stayed tight. The Canada Mortgage and Housing Corporation (CMHC) measured an overall purpose-built rental vacancy rate of 2.8% in October 2025 for the Winnipeg CMA, its most recent authoritative survey.
Average Rents by Unit Size
The table below shows CMHC's in-place averages for Winnipeg's existing purpose-built stock as of October 2025.
- Studio (CMHC, Oct 2025): $914 / month
- 1 Bedroom (CMHC, Oct 2025): $1,232 / month
- 2 Bedroom (CMHC, Oct 2025): $1,570 / month
- 3 Bedroom+ (CMHC, Oct 2025): $1,849 / month
- All apartments (CMHC, Oct 2025): $1,404 / month
Larger units are holding up at the provincial level. Rentals.ca reported that Manitoba three-bedroom asking rents rose 0.7% over the year to $2,011 in September, one of three provinces in its report where three-bedroom rents increased. CMHC's all-apartments average of $1,404 sits below the $1,653 asking rent because CMHC covers long-tenured tenancies in purpose-built apartments, while Rentals.ca's all-types figure covers new listings of every property type.
Neighborhood Breakdown
Central and character neighborhoods command Winnipeg's highest per-square-foot rents, while established family suburbs and value quadrants offer the largest rent gaps per bedroom. CMHC surveys rents at the CMA level, so the areas below are described by character rather than by a fabricated neighborhood average.
Higher-demand, walkable areas
- Downtown and the Exchange District, office core and heritage lofts
- Osborne Village, dense and walkable with a strong lifestyle draw
- Corydon and Little Italy, restaurant and cafe scene
- West Broadway and Wolseley, character housing near the core
Best-value areas
- Charleswood and St. Vital, established family suburbs with more space per dollar
- Transcona and North Kildonan, value quadrants that typically offer the lowest per-bedroom rents in the CMA
Neighborhood-level rent averages fluctuate with listing mix. For current rent tables by CMHC zone, see the CMHC Winnipeg rent tables, which are updated on CMHC's schedule.
Supply and Vacancy
Winnipeg's rental market stayed tight in the October 2025 CMHC survey. A 2.8% overall vacancy rate keeps landlords in a strong position and gives tenants a smaller window to choose from.
Vacancy by unit type (CMHC, October 2025)
- Studio: 2.8%
- 1 bedroom: 2.6%
- 2 bedroom: 3.0%
- 3 bedroom or more: 3.0%
- Overall: 2.8%
With vacancy this low, well-kept units lease quickly across most of the city, and the pressure is on availability more than on price. Nationally, Rentals.ca reported that purpose-built rental apartments posted the smallest annual decline of any property type in September, down 2.7% to $2,036.
Outlook
Rentals.ca's October report describes the second consecutive monthly dip in national rents as a typical seasonal occurrence, with demand ramping up in the spring and summer and fading into the fall. It sees signs of stability emerging in Toronto and Vancouver, citing peaked construction inventory and new data revisions showing that a previously reported decline in population was actually a modest increase. In the near term, it says more affordable rents and move-in incentives are releasing pent-up demand from delayed household formation, after higher rents in previous years kept prospective renters living with parents or roommates for longer.
Manitoba's rent increase guideline is 1.8% for 2026, and the province has announced a 2027 guideline of 3.0%. Units renting for $1,670 or more a month in 2026 (rising to $2,000 or more in 2027), buildings first occupied after March 2005 and social housing are exempt from the guideline.
What this means for renters
- Asking rents remain well below the national average on the same all-property-type measure
- Vacancy near 2.8% means good units move quickly, so be ready to decide
- Best value continues to sit in Transcona, North Kildonan, and the family suburbs
- Insist on a written move-in condition report to protect your deposit
What this means for landlords
- Plan renewals around the 1.8% guideline for 2026 and the announced 3.0% for 2027, and check whether your unit is exempt
- Asking rents are below last year, so price to current comparables rather than last year's rent
- Complete a written condition report at move-in and move-out on every tenancy
- Quality photos and detailed listings still win the competition for good tenants
SQRFT's October 2026 report will follow the next Rentals.ca National Rent Report, which covers October data.
What it means for you
Turn the market shift into a smarter decision
If you own a rental
LandlordsKnow the guideline. Manitoba's rent increase guideline is 1.8% for 2026, and the province has announced a 2027 guideline of 3.0%. Units renting for $1,670 or more a month in 2026 (rising to $2,000 or more in 2027), buildings first occupied after March 2005 and social housing are exempt from the guideline.
Compete in a tight market. Vacancy sits near 2.8%, but Winnipeg asking rents are 3.7% below a year ago. Price to current comparables; well-kept units in walkable areas still lease quickly, so retention and condition matter more than aggressive pricing.
Get the paperwork right. Manitoba requires a written condition report at move-in and move-out. It is your best defence against a deposit dispute when a tenant leaves.
If you rent
TenantsWinnipeg is affordable by national standards. Rentals.ca put Winnipeg's average asking rent across all property types at $1,653 in September, against a national average of $2,034 on the same measure.
Expect a tight search. With vacancy near 2.8%, good units move fast. Have your paperwork ready and be prepared to decide quickly on the right place.
Protect your deposit. Insist on a written condition report at move-in under Manitoba's Residential Tenancies Act. It is the record that matters if your deposit is disputed when you leave.
TIGHT MARKETS STILL MEAN DISPUTES
Low vacancy does not remove friction. Deposits and condition reports are still where tenancies go wrong.
sqrft.ca gives Manitoba landlords and tenants a Manitoba RTA compliant lease workflow, a timestamped move-in and move-out inspection, and a full audit log per tenancy. Sign the lease, record condition at move-in and move-out, and keep every document in one place.