Local

South End, uptown apartment communities charge highest rents in Charlotte

CHARLOTTE — As a steady stream of people continue moving to the Charlotte area, the demand for housing, especially multifamily communities, is on the rise.

The U.S. Census Bureau estimated Charlotte’s population to be just under 880,000 people in 2021, with the metro area reaching more than 2.7 million residents. That’s as about 84 people moved into the region every day between 2020-21, according to the Charlotte Regional Business Alliance. Other sources have that number as high as 100 people per day.

Chuck McShane, CoStar’s director of market analytics for the Carolinas, said the Charlotte MSA has 201,042 existing apartment units. Another 22,623 are under construction and scheduled to deliver in the next two years. McShane said this is an all-time high for units under construction in the market.

Engle Addington, apartment market analyst at Real Data, said demand for apartment living has increased over the last few years because of skyrocketing prices and interest rates in the for-sale housing market. This, Addington said, is a major factor in why rent prices are on the rise.

“Rents are going up at a higher rate than they have historically,” she said. “It’s always based on demand, but the reason there is such a high demand now is because the for-sale housing market has gotten so ridiculous … This increases demand and occupancy, and as long as they stay nearly occupied, they can get those rents they’re asking for.”

The 10 apartment communities in Charlotte charging the highest rents are all in uptown and South End, according to Addington and Real Data.

Check out that list of properties and continue reading about market trends here --> bit.ly/3itDh19

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