Oct
11

Charlotte Apartment Market Absorbs 5,700 Units Over Last 12 Months

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From Real Data:


Demand for apartments in the Charlotte metro area is at an all-time high and is being fueled by the continued weakness in the for sale housing market. In the last year, there were more than 5,700 apartments absorbed, as compared to a loss of (-543) renters in the previous year. Thanks to such strong demand, the average vacancy rate has fallen to 11.1% and is forecast to fall below 10% in 2011.
While demand is at an all-time high, new development has finally begun to recede from its record high levels with less than 1,400 units currently under construction throughout the region.
Average rents have stabilized with moderate rent growth expected in the coming year. The average rental rate for the region is now at $725 per month. Same-store rents for newer communities have outpaced the overall market.
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    Categories : Charlotte

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