Spike in apartment construction causes lower rents in Charlotte

CHARLOTTE — There’s some good news around the corner for current and prospective renters in Queen City, according to The Charlotte Ledger.

A recent spike in apartment construction in Charlotte has caused rents to decline, even in some of the most popular areas in town.

CoStar Group, a real estate information company, released new data showing that average South End rents are down 4.6%, down 3% in Uptown, and 2.2% in SouthPark compared to this time last year, The Charlotte Ledger reports.

Vacancies throughout Charlotte have hit a new high of 10.7%.

Experts say the drop in prices comes from simple supply and demand: more people are moving into apartments in the Charlotte area, but the number of apartments available is going up as well, leading to higher vacancies in complexes.

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