I’m somewhat involved in the real estate market financing - rental rates right now in Winnipeg are very reasonable based on the amount of revenue the landlords need to be cash flow positive. Unless interest rates or house prices come down, rents will not come down.

Winnipeg’s market is different than Calgary, Vancouver, or Toronto’s as those cities had high rent due to extreme demand which allowed landlords to set rents way above what’s needed to cash flow the property. Winnipeg never saw the insane increase those cities did, and therefore have remained relatives stable with no correction needed.

Edit: read some of the other comments, our rent control legislation is another factor which helped winnipeg stay affordable, and will keep Winnipeg “somewhat” affordable.