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Real Data: Charlotte Apartment Vacancy at 5.3% | South Carolina Real Estate News
According to the September 2014 issue of the Charlotte Apartment Report published by Real Data, the average vacancy rate for apartments in the Charlotte metro area is now 5.3%. Demand remains strong with more than 4,100 units absorbed over the past year. Same-unit rents continue to grow and the average rental rate is now $919 per month. Charlotte has one of the most active development pipelines in the country,with more than 10,000 units currently under construction and another 9,000 units proposed. The majority of new development projects are class A properties located in infill locations in the Downtown, Southeast-1 and East-1 submarkets. These submarkets include the Downtown, South End, Southpark, NoDa and Elizabeth neighborhoods. As a wave of new supply comes on-line in the next year, the average vacancy rate could approach 8.0%. Rent growth of 2% to 3% is expected in the next year, but growth could be hindered as new communities compete for renters.