If you've been wondering what's up with the surge in apartment complex construction in Charlotte, particularly in and around uptown, a couple of new studies might help explain why developers have pushed apartment-building numbers locally to an all-time high.
Apartments.com is out this week with its Top 10 cities for recent college graduates, and Charlotte landed in the No. 2 spot, behind only Denver, Co. The list factored in both affordability of average rents for one-bedroom apartments, plus median income and unemployment rates. It also assessed whether a city had "a vibrant culture catering to active young professionals," according to a press release from the site.
Every time I ask a developer about the risk of an apartment bubble locally, they point to the kind of demographic trends animating both these reports. The young folks are coming in droves, the developers say, and they aren't ready to buy houses.
What do you think? Are enough young adults arriving in Charlotte to support the many new apartments going up around the city?