Development

Latest numbers show Charlotte’s apartment boom isn’t slowing down

The Ascent apartment tower under construction at Third and Poplar Streets, next to Romare Bearden Park on Thursday, March 10, 2016. More apartments than ever before are under construction in Charlotte.
The Ascent apartment tower under construction at Third and Poplar Streets, next to Romare Bearden Park on Thursday, March 10, 2016. More apartments than ever before are under construction in Charlotte. dtfoster@charlotteobserver.com

Charlotte’s apartment boom still has some room to run, as show by the latest numbers from apartment-tracking firm Real Data.

The report, released last week, shows that apartments are still being built at a rapid clip in Charlotte. There’s little sign of a slowdown: The number of units under construction increased in the last six months, while the number of apartments planned to start construction soon held steady.

Here are some of the key numbers in Charlotte-based Real Data’s biannual market report:

12,782Apartments under construction in the Charlotte region

13,425Apartments proposed/planned to start construction

6.2 percentVacancy rate, down from 6.7 percent last year

$1,011Average rent, up from $938 a year ago

5,827Number of new apartments leased in the market over the last year

$1,694Average rent for an apartment uptown

$681Average rent for an apartment in the “Northeast-1” submarket, just north and east of uptown

$1,377Average rent for a new apartment in the Charlotte market

$754Average rent for an apartment 30 years old or older

Ely Portillo: 704-358-5041, @ESPortillo

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