Development

Charlotte isn’t the only city with an apartment boom: Raleigh, Durham are booming, too

We’ve all seen Charlotte’s apartment boom, with new complexes springing up on seemingly every block. Now, Raleigh and Durham are in the midst of an apartment boom as well.

Check out this story from the News & Observer this weekend about the Raleigh-area apartment boom. Here are some of the highlights:

▪ “In Raleigh, the number of high-end apartment units within a mile of downtown will double to nearly 3,000 during the next two years. In Durham, a wave of new apartment communities in downtown and along Ninth Street is expected to more than double the population, which is now about 1,500.”

▪ “Most of the new apartment communities will charge rents north of $1,000 a month for a studio or one-bedroom apartment from 500 square feet to 700 square feet. In the Triangle, that is comparable to a monthly mortgage payment for a starter home, particularly with interest rates at historic lows.”

▪ Many of the new complexes are similar to those in Charlotte, including a 23-story SkyHouse tower (Charlotte has two SkyHouse towers under construction).

For those keeping score, Charlotte apartment construction is at an all-time high. The city has more than 10,000 apartments under construction, and a similar number on the books to follow soon.

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Twitter: @ESPortillo

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