Charlottetown has one of the highest vacancy rates in the country, according to the Canada Mortgage and Housing Corporation's Spring Rental Market Survey.
The number of vacant rental units in the city jumped to 8.7 per cent in April, up from 5.0 per cent the same month last year. CMHC said new units in Charlottetown are the biggest factor in the increase.
"The overall vacancy rate for the province's urban centres was impacted by recent higher than average rental market construction activity particularly in the Charlottetown area," said Jason Beaton, CMHC's market analyst for Prince Edward Island in a news release.
The Canadian average is about 2.7 per cent.
Despite the vacancy rates rents are up in the P.E.I. capital by 1.0 per cent.