High levels of international migration continue to result in very tight rental market conditions for both the Charlottetown and Summerside areas.
CMHC is out today with its’ Rental Market Report.
In October 2018, the apartment vacancy for the province declined to 0.3%, compared to 1.2% in 2017. That is the lowest rate ever recorded.
The average two-bedroom rental on the Island is $903 with the average in Charlottetown itself being $921.
The Charlottetown area’s rental market demand and supply imbalance has been fueled by population growth, primarily by immigrants. Since the 2017 survey, only 44 apartments were added to the rental universe, doing very little to offset demand.