If you’re a Charlotte renter, you’ve probably been hoping all these new apartments under construction around town will provide some relief from rising rents. If so, bad news: New data from research firm Axiometrics shows that’s not likely.
Here are the numbers:
▪ Annual rent growth was 5.9 percent in July – well ahead of inflation and wages.
▪ Charlotte rents averaged $972 a month, up $54 from the July 2014 average of $918.
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▪ Apartments were, on average, 95.5 percent full in July, up slightly from last year. Axiometrics considers a market “essentially full” at 95 percent or above, so we’re full. Translation: “Vacant apartments are at a premium, allowing landlords to push rents.”
▪ “Charlotte’s diverse employment base experienced 3.3% job growth in June,” said Stephanie McCleskey, Axiometrics vice president of research, in a statement. “More than 35,000 jobs were added ... over the past 12 months, which increases apartment demand. Axiometrics’ proprietary Supply/Demand Model shows Charlotte supply and demand almost in equilibrium, which means that the new supply is being absorbed.”
And it’s all coming at a time when affordable rental units are getting harder to find in Charlotte, especially as older buildings are torn down to make way for new, upscale apartments.