CHARLOTTE, N.C. — An expert said the South End neighborhood is the fast-growing market for apartments in the country. It’s doubled its units since 2012.
Jay Parson is the vice president of Yieldstart and did research on Charlotte’s growth.
“We are probably going to peak in 2017, and it should slow down after that,” he said.
The average rent in Charlotte is $992 per month. The average rent for new apartments is $1,261 per month.
Parsons said the demand comes from young people with high-paying jobs in uptown.
In the past 12 months, 5,414 apartments have been built across the city. There are about 11,976 apartments currently under construction.
Charlotte City Council has shown concern over infrastructure. Recently, it approved a developer’s plan to build 1,000 units.
“Those are growing pains those are issues they need to figure out,” Parsons said.
Parson said leaders have to figure out the infrastructure fast. For the next to 12 to 18 months there will be a lot more options for renters.
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