We have talked a lot about the apartment boom that is happening nationwide, and especially in Charlotte, and particularly in South End as well as Uptown. But now, it is official. Charlotte’s South End/Uptown has made the top 10 list by MFP Research as one of the busiest submarkets for apartment construction.
The inventory growth rate is at 107.7% since 2012, more than 4,000 new apartments have been added to the inventory since 2012, almost 5,000 additional units have been under construction since the first quarter of 2016, and the annual rent growth in the first quarter of 2016 is at 3.7%. Plus, the first quarter occupancy rate is at 95.5%.
Approximately half of the apartments that began construction this year will be completed by the end of the year. The three largest apartment communities that broke ground either in or before the first quarter include Crescent Communities’ Stonewall Station, which is a 22-story tower with 459 units, the Mint property at the corner of West Trade Street and North Graham Street, and the 379-unit Dylan complex in Dilworth.
The Uptown/South End Charlotte market ranked number one among the top 10 on MFP Research’s list. For more details, you can read the full article at bizjournals.com. You can also check out the full report and complete list of the nation’s busiest submarkets for apartment construction here.
This huge surge in apartment construction and supply is great for developers, architects, construction and contractor firms and other related industries. An increased supply helps to ensure buyers can find what they are looking for, but prices do not seem to be going to down. The Charlotte apartment scene is hot!