Mar
20

Charlotte Apartment Vacancy at 6.2%

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According to the latest report by Real Data, nearly 7,500 new apartment units are under construction right now in the Charlotte metro area. More than 2,000 of these units are located in SouthEnd and Downtown. Developers have plans for more than 10,000 additional units throughout the area. Once again, the areas in and around Downtown including SouthEnd, Midtown, NoDa and Southpark lead.

Consumers continue to show a strong preference for apartments versus buying a home. Currently, the average vacancy rate at an apartment community in the Charlotte area is 6.2%. The average rental rate is $842 per month, which is considerably higher than the average of $708 per month reported just three years ago. Same-unit rent growth, which measures the growth in rents at existing communities, has grown at more than 4% annually for the last two years.

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    Categories : Charlotte

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