What’s on deck for Charlotte’s apartment market amid the COVID-19 pandemic

CHARLOTTE, N.C. — The Charlotte metro’s apartment inventory has grown during the past decade at a faster clip than any other major U.S. market, but the COVID-19 pandemic is likely to put a damper on demand in the near term.

That was one topic addressed during a recent webcast by RealPage Inc., a Texas-based real estate analytics firm, which provided an update on Charlotte’s apartment market. RealPage’s chief economist, Greg Willett, and market analyst, Adam Couch, led the market update.

During the presentation, Willett said there have been more than 55,200 apartments completed in the Charlotte metro since early 2010. That number represents inventory growth over the past 10 years of nearly 34%, a percentage that is the largest of the nation’s major markets in this current cycle.

Following Charlotte for most growth of apartment inventory in the past decade are the metros of Austin, Texas — a 29.7% increase; Nashville, Tennessee — a 29.5% increase; and Salt Lake City, a 26.5% increase. The Raleigh-Durham market trailed in fifth place with growth of 25.5%.

Families in over 30 apartment complexes eligible to have rent paid Families in over 30 apartment complexes eligible to have rent paid

Willett said that apartment deliveries in the Charlotte metro will remain high, with more than 12,500 units currently under construction. That’ll grow the local apartment stock by another 6.5%.

Read the full story here for more from the report, including a breakdown of figures across several local submarkets.

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