IRAC announces largest allowable rent increases in 6 years
Rents for unheated apartment can rise 1.5%
P.E.I.'s Island Regulatory and Appeals Commission has released its maximum allowable residential rent increases for 2019.
The increases are the largest since 2013, and include a separate category for electrically-heated premises for the first time.
- Oil-heated: 2%
- Electrically-heated: 1.75%
- Unheated: 1.5%
- Mobile home site: 1.5%
2013 saw a five per cent increase for heated premises, and three per cent for unheated, with mobile home sites up 1.5 per cent.
The increase comes at a time where there is increased pressure for renters.
At the end of 2017, the Canada Mortgage and Housing Corporation reported record low vacancy rates in the province. CMHC said high levels of immigration and seniors looking to downsize were major factors in the vacancy rate.