Jul
15

Charlotte Apartment Rent Growth at 2.2% Last Quarter

By

Like most spots across the country, metro Charlotte turned in an impressive apartment rent growth performance during 2nd quarter 2014. Effective rents for new leases climbed 2.2% during the three-month period.

That was quite a turnaround from the stats seen a little earlier, as pricing declined a tiny bit during late 2013 and early 2014. Furthermore, 2Q’s rent growth proved very broad, with rates up meaningfully in every product niche and across all neighborhoods.

Important to Charlotte’s upturn in pricing momentum is that operators now appear to have regained some confidence, after previously worrying that a burst of completions would prove more than the market could handle.

Increased deliveries, in fact, have been met with strong demand, so occupancy remains in healthy shape, and there’s been no real damage done to performances within the already-existing stock. The mid-2014 occupancy figure came in at an even 95% overall, leaving available product concentrated mostly in the brand new properties moving through the initial lease-up process.

READ MORE HERE

Be Sociable, Share!
    Categories : Charlotte

    Comments are closed.