If you’re looking to rent an apartment in Charlotte’s newest buildings, be ready to pay: Even a studio will set you back more than $1,000.
A survey of prices at five brand-new apartment buildings shows that renters will be paying a premium for new. Prices reflect the prime locations near hip neighborhoods, new construction and high-end amenities that many of the city’s new apartments share.
A recent report from Charlotte-based Real Data, which tracks apartment rents, showed that there’s a clear premium for the newest properties, those that have just opened and are still in “lease-up,” as it’s called. Those apartments average $1,471 a months. An apartment that’s 16 to 30 years old, by contrast, averages $1,048 a month.
There’s one caveat with the prices on new apartments: While they’re the highest, these buildings also often deals to lure tenants, known as concessions. For example, Centric Gateway uptown is offering 1.5 months free on some apartments, which amounts to a 12.5 percent reduction in rent over the course of a year from the sticker price.
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Here’s how much a new apartment will set you back a month at each new building. Each apartment price listed is the lowest for the category (for example, the least expensive studio available):
▪ The Lowrie, Toringdon Way, Ballantyne area.
Studio: $1,078 (557 square feet)
One-bedroom: $1,158 (691 sf)
Two-bedroom: $1,678 (1,069 sf)
Three-bedroom: $2,028 (1,335 sf)
▪ The Abbey, off Park Road.
Studio: $1,079 (606 sf)
One-bedroom: $1,199 (729 sf)
Two-bedroom: $1,699 (1,070 sf)
Three-bedroom: $2,399 (1,323 sf)
▪ Novel NoDa, 36th Street light rail station
Studio: $1,183 (517 sf)
One-bedroom: $1,311 (684 sf)
Two-bedroom: $1,840 (979 sf)
▪ Centric Gateway, West Trade Street, uptown.
Studio: $1,299 (617 sf)
One-bedroom: $1,449 (783 sf)
Two-bedroom: $1,819 (1,059 sf)
▪ Cadence Music Factory, Music Factory Boulevard
Studio: $1,050 (480 sf)
One-bedroom: $1,095 (676 sf)
Two-bedroom: $1,776 (1,144 sf)