Fewer apartments being built in Charlotte area. Construction slowdown is good news for landlords

March 24, 2010 - PRLog -- The Charlotte apartment market is showing signs of a rebound thanks to a slowdown in new construction, according to a new report.

The number of new apartments being built in the Charlotte metro area shrank to about 2,500 units, less than half the number being built this time last year, according to the March issue of the Charlotte Apartment Report, published by Real Data.

The number of new apartment complexes being planned has also dropped, as developers and lenders are waiting for market conditions to improve, said Real Data analyst Engle Addington. More than 5,000 new units were added to the market during the past year, boosting the average vacancy rate to 13.6 percent.

The new construction helped push rents down an average of $50 per month during the past year, Real Data reported. But the slide, which began in the end of 2008, has stopped, the agency found. Average rents rose during the past six months to $708 per month.

"This is welcome news," Addington said.

Tami Fossum, president of the Greater Charlotte Apartment Association, said the market appears to be headed in the right direction.

Fossum said industry professionals say the slowdown in construction will help the multifamily industry recover more quickly than other areas of commercial real estate.

Real Data publishes reports for markets in the Carolinas, Virginia and Florida and gathers information from apartment communities with at least 50 units. More than 105,000 units in Mecklenburg, Cabarrus, Gaston, Iredell, Union and York counties were surveyed for the Charlotte area report.


Platinum Real Estate Group
P.O. Box 78392
Charlotte, NC 28271
704-497-0038 Cell
980-225-1100 Fax
http://charlotterelocationguide.com
Email: e@rodneyalmeida.com

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