The newest report by multifamily research firm Real Data shows apartment construction has surged to an all-time high in Charlotte.
The new report, tracking activity in Charlotte's multifamily market over the past six months, shows 10,067 units under construction. Most of the new units are Class A properties in uptown and in neighborhoods such as the South End, SouthPark, NoDa and Elizabeth. Another 11,003 units have been proposed. Real Data's Charles Dalton says this is the most apartment development Charlotte has ever seen. The previous high came during the construction boom of 2000, when just under 8,000 units were under construction.
 |
| Officials broke ground last week for The Mint, one of the latest apartment complexes to begin construction uptown. |
The average rent in Charlotte stands at $874 per month, with one-bedroom units going for about $781, two bedrooms going for $891 and three bedrooms renting for about $1029. Same-store rents are expected to grow between 2 percent to 3 percent during the next year, but Real Data says increased competition for renters could hinder that.
Posts
10 comments:
There SHOULD be concern that it's getting overbuilt. There are simply not enough billionaires available to rent these units - and most of these umits are priced where only billionaires can afford them.
Are hard hats really necessary to scoop one shovel of dirt before heading back to the office? What a charade.
BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE BUBBLE
Time for the banks and the builders to steal another trillion dollars from Joe Average.
The dismal Obama economy has people RENTING instead of buying.... everywhere, not just Charlotte... and yes in a few years if we ever get out of this mess there will be too many apts as people start buying again.
Agenda 21, it's all by design, tank the economy and reduce living standards/space.
I suppose James Edgar is totally in favor of the city spending 35 million in taxpayer dollars to remodel the bureaucrats' offices. If the market won't bear the rent, then the owners won't be able to charge it. The private sector works that way. Too bad the public sector does not.
@James Edgar
"There are simply not enough billionaires available to rent these units"
"two bedrooms going for $891" Is hardly a billionaire prerequisite
I spent the past weekend here looking over the city and several aparment opportunities. I'm looking to relocate for business and was pleasently suprised by the city growth, variety of apartment styles, and locations I was glad to see there were more than 3 options of places to live, and no, I dont want to buy yet as I need to spend some time checking the city out once I am there.
Nobody should be paying $900 for a 2 bedroom, this ain't Chicago and they are charging $1100+ for a two bedroom. Charlotte leaves a lot to be desired as far as competing with larger cities and they damn sure ain't in a position to command those kind of rents! I'm sitting back waiting to see how this all pans out.
Just so we are clear a one bedroom at the "luxury" condos in southend are starting at $1200 for 600 sq/ft. Yes the average in Charlotte is less if you live in a bad part of town. However most of the 10,000 new "luxury apartments" that have been built are going for some good cash. I hope the developers lose their shirts personally.
Post a Comment