CHARLOTTE, N.C. — As Charlotte’s apartment pipeline continues to grow, are rental rates following suit?
Recent research by real estate analytics firm RealPage Inc. shows Charlotte’s status as one of the nation’s fastest-growing apartment markets won’t likely change anytime soon. The report, based on U.S. Census Bureau data, found that metro Charlotte’s number of approved multifamily permits hit 9,656 units in the 12-month period ending in April — a 60% annual increase and reaching a three-decade high. It noted metro Charlotte’s apartment inventory has grown 16.6% over the past four years, with an average of 6,500 new units added annually during that time. That made Charlotte’s inventory growth rate the second-highest of the 50 largest U.S. markets. Another 7,000 apartments are expected to be added in Charlotte for the year ending March 2019.
Heading into July, apartment website Zumper pegs the median rent in the Charlotte market at $1,240 for a one-bedroom unit and $1,360 for a two-bedroom unit. Those amounts are up 9.7% and 5.4%, respectively, year over year and rank the Queen City at No. 30 among the most-expensive rental market in the U.S.
It’s likely no surprise that renting in Charlotte is more expensive than any other city in the metro area, but just where are rents the highest?
The 10 apartment communities in Charlotte charging the highest rent can all be found in uptown. And while not the priciest markets, South End and SouthPark were experiencing the most activity.
Check out the full story and photos here for a more complete look at Charlotte's priciest apartments.
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Cox Media Group