Oct
06

Charlotte Apartment Market Remains Strong

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Demand for apartments in the Charlotte metro area remains at a record high. Strong demand is being fueled by the weak for-sale housing market, changing demographics and uncertainty in the current economic recovery. In the last year, there were nearly 5,000 apartments absorbed and the average occupancy rate is now nearly 93%.

While new development has been stifled over the past two years, it has finally rebounded. There are now just over 1,100 units under construction and developers have plans for more than 7,000 units throughout the area. Now that banks are making construction loans, many developers expect to begin work on new apartments this year.

Same-store rent growth has also rebounded with rents growing more than 5% in the last year. The average rental rate for an apartment in Charlotte is now at $780 per month.

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