Charlotte Apartments Are Going Up, But So Are Rents

Charlotte Apartments Are Going Up, But So Are Rents

Charlotte apartments are going up, but so are the rents. The Queen City is the largest individual city in the state of North Carolina, and decades of growth have finally eaten up all the available land to build on. As such, the housing market is very much a seller’s market, with homes going fast and high in price.

The area boom in growth also saw suburbs explode in size, so the city can’t keep up the growth of the 1970s and on the same way, which was often fueled by developing cheap property that used to be either wooded or farmland. Rather than growing out, it now grows up. Tens of thousands of apartment units are being built, but even with all those units slated to come onto the market, rents are still rising.

Demand is that fierce for housing. However, one other thing driving up the average rent is the fact that many of the new apartments are luxury and high-end apartments. This is being done partly because there is a market segment that can afford it, but also because developers and builders that go for the wealthier end of the renter spectrum can get their money back years sooner than doing something more affordable.

Unfortunately, many of the new units are being built on land once-occupied by units that were cheaper or even considered affordable housing, which is in scarce supply across the city. Charlotte ranks low in terms of economic mobility from working class to higher levels of society or better income, which is somewhat ironic in a city that consistently ranks in the top three of the nation’s financial centers and banking hubs.

Many different Charlotte apartments are available across the city, but expect to pay dearly for one of them.