In Spite Of Charlotte’s Historic Apartment Boom, Rental Rates Are Still Rising

1842
Share:
Facebook
Google+
Twitter
Pinterest
LinkedIn
Reddit

charlotte-sunshineIn spite of the recent apartment building boom (11,974 apartments are currently under construction, with another 13,938 planned), rents have actually increased over the past year. Even though our supply has increased, our demand has actually increased more.

Over the past year, the vacancy rate in Charlotte has decreased from 6.2% down to 6.1%.

Rents have increased by about 7% over the past year, from an average of $1,011 last August to $1,082 this August. Our city’s most expensive area is Uptown, with an average rent of $1,729, and our cheapest is just North East of Uptown, with an average rent of $715, according to Real Data.

Worst of all, the data shows that wages have remained flat over the past year, meaning it’s now costing more to make the same amount.

According to Real Data, Charlotte now has the 4th highest rental rates in the South East.

Here are all the numbers for the major cities in the South East.

City Vacancy Avg Rent Market Rank
Asheville(12/2016) 4.9% $1,067 102 (1) Find Apartments Research
Charleston(9/2016) 5.6% $1,113 93 (10) Find Apartments Research
Charlotte(9/2016) 5.9% $1,052 97(4) Find Apartments Research
Columbia(11/2016) 9.0% $953 93 (9) Find Apartments Research
Greensboro/WS (10/2016) 5.6% $796 91 (14) Find Apartments Research
Greenville/SPG (12/2016) 7.9% $905 92(12) Find Apartments Research
Jacksonville(1/2017) 5.1% $954 96(5) Find Apartments Research
Nashville (2/2017) 7.6% $1,135 93(10) Find Apartments Research
Norfolk-Va.Beach (11/2016) 5.7% $1,010 91(13) Find Apartments Research
Orlando (9/2016) 3.6% $1,143 101(2) Find Apartments Research
Raleigh/
Durham (2/2017)
6.1% $1,055 98(3) Find Apartments Research
Richmond (1/2017) 6.5% $987 89 (15) Find Apartments Research
Savannah (8/2016) 5.0% $971 96 (6) Find Apartments Research
Tampa Bay (11/2016) 4.7% $1,097 96(7) Find Apartments Research
Wilmington(6/2016) 4.6% $954 95 (8) Find Apartments Research

 

Charlotte’s South End neighborhood also now contains the fastest growing zip code in the country:

How do you feel about the apartment boom here in Charlotte?

What do you think we could do to increase wages and make living here more affordable?

Share:
Facebook
Google+
Twitter
Pinterest
LinkedIn
Reddit

Comments

comments

1 COMMENT