CHARLOTTE, N.C.,None — Apartment vacancy rates in Charlotte have reached an all-time high, pushing property managers to offer discounts and incentives to potential renters.
"It's become a very different and very competitive market," Michael Herwig, an apartment manager at Wesley Village, said. "So you're always having to stay above that other property."
At Wesley Village, a complex near uptown, Herwig offers potential renters a saltwater pool and a resort-style feel – along with two months of free rent.
The vacancy rate across the city is around 13 percent and near uptown it's even higher, sitting at close to 20 percent.
• PDF: Charlotte Apartment Report
While those figures are costing property managers, they are paying off for renters like Grant Gibson, who said he couldn't believe the offers thrown his way.
"Even so far as, like, TVs and electronic devices," he said. "I felt like a fish looking at all the bait."
• VIDEO: High Vacancy Rates Mean Good Deals For Charlotte Renters
The high vacancy rates are the result of a building spree that happened over the last two years, putting 9,000 new apartments on the market.
Though the recession has wreaked havoc across the real estate board, in this case, it could help fill empty apartments.
The tight economic conditions that have fueled so many foreclosures is making renters out of former buyers. That combined with the fact that far fewer new apartment buildings are being built has spurred some analysts to suggest that vacancy rates could soon improve.
Still, renters have ample time to take advantage of the perks being offered. Ken Syzmanski from the Charlotte Apartment Association said it will likely take more than a year to fill all of the current vacancies.
"It will probably be a favorable situation for renters for the foreseeable future," Syzmanski said. "I'd say 12 months [or] maybe 18 months."