The annual survey, completed in October, found only four vacant apartments in Yellowknife compared with 16 last year and 34 in 2000.

Vacancies for one-bedroom units fell by 1.5 per cent to 0.6 per cent. The vacancy rate for bachelor suites and units with at least three bedrooms remained at zero.

One thing that isn't dropping is rent. Last year, average rents increased by 7.8 per cent. This year, average rents for all unit types increased by 4.6 per cent or $48 a month.

However, things aren't as hopeless as they seem. The survey only included apartments on the market by last June -- which excludes many units on the way.

"I know there are additional apartments in the pipeline," said CMHC's Richard Goatcher. "Whether there's sufficient volume to bring up the rates remain to be seen."

Midwest Properties Management owns more than 150 rental units in Yellowknife.

But senior vice-president of Midwest Properties Allan Carr said the company hasn't had any vacancies for over a year -- and he confirmed rents have gone up.

While looking for a place, or temporarily working in Yellowknife, many find relief at bed and breakfasts.

Faith Embleton of Embleton Bed and Breakfast said this group outnumbers tourists this season.

But Mayor Gord Van Tighem remains optimistic -- pointing out 160 rental units will come onto the market in the next four or five months.

"There are indications of another 220 to start in February or March."