Oct
04

RealData: 8,000 Apartment Units Under Construction in Charlotte

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According to the latest report by Real Data, more than 8,000 new apartment units are under construction right now in the Charlotte metro area. More than 2,000 of these units are located in the Southeast-1 submarket, with includes SouthEnd and SouthPark. Developers have plans for close to 12,000 additional units throughout the area. Once again, the areas in and around Downtown including SouthEnd, Midtown, NoDa and SouthPark are the most active.

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 5.0%. The average rental rate is $868 per month. Same-unit rent growth, which measures the growth in rents at existing communities, has grown 2.4% in the last year or nearly $20 per month.

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    Categories : Charlotte

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