Aug
22

Surging Class A Sector Driving Charlotte Apartment Market

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Employment growth and the migration of former homeowners to Class A rentals continue to sustain strong operations in the Charlotte apartment market, according to the third quarter 2011 Marcus & Millichap Apartment Research Market Update for Charlotte.

Total employment grew only 0.3 percent in the first half of the year, but sufficient demand was generated to reduce apartment vacancy to the low-7-percent range. The market’s Class A properties remain highly desirable to residents not yet willing to wade back into the for-sale housing market, as nearly 800 additional highend units were occupied in the past six months.

As a result, Class A vacancy continues to plunge, with strong demand greatly reducing vacancy in areas such as the North Pineville and Fairview North submarkets. Charlotte also continues to re-establish itself as a primary destination for relocations, with net migration increasing more than 80 percent over the past year.

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    Categories : Charlotte

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