Mar
10

10,000 Apartment Units Under Construction in Charlotte

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real data 1q 15According to the latest issue of the Charlotte Apartment Report published by Real Data, the average vacancy rate for apartments in the Charlotte metro area is now 6.7%.

Demand remains strong with more than 5,000 units absorbed over the past year. Same-unit rents continue to grow and the average rental rate is now $938 per month.

Charlotte has one of the most active development pipelines in the country, with more than 10,000 units currently under construction and another 10,000 units proposed. The majority of new development projects are class A properties located in infill locations in the Downtown,

Southeast-1 and East-1 submarkets. These submarkets include the Downtown, South End, Southpark, NoDa and Elizabeth neighborhoods. As a wave of new supply comes on-line in the next year, the average vacancy rate could approach 8.0%. Rent growth of 2% or more is expected in the next year, but growth could be hindered as new communities compete for renters.

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