Real Data: Charlotte Apartment Vacancy at 6.2%


real data LogoAccording 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 6.2%. Demand remains strong with nearly 6,000 units absorbed over the past year. Same-unit rents continue to grow and the average rental rate is now $1,011 per month.

Charlotte has one of the most active development pipelines in the country, with nearly 13,000 units currently under construction and another 13,000 units proposed. The Southeast-1 submarket is the most active with close to 2,500 units currently under construction. This submarket includes the South End and Southpark neighborhoods. The average vacancy rate for Southeast-1 is 11.3%, with rents at $1,332 per month or $1.405 per square foot.

As a wave of new supply comes on-line in the next year, the average vacancy rate could approach 8.0%. Rent growth will be hindered as new communities compete for renters.

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