Thanks to the ongoing struggles of the residential real estate market, demand for Charlotte metro area apartments is at an all-time high, with the average occupancy rate at 91 percent and the average rent in Charlotte at $733, according to a report released today by Carolinas Real Data.
The Charlotte-based real estate research firm said more than 7,000 apartments were leased in the past year, the strongest rate ever recorded by Real Data, which was formed in 1992.
The average occupancy rate is expected to exceed 91 percent this year.
Although demand for apartments is at record-high levels, new development has been stifled, and there are fewer than 500 units under construction in the metro area. In the past six months, there has been no new construction on apartments in the area and fewer than 600 units were completed.
However, developers have plans for more than 4,000 units throughout the area, the report says, adding that while scrutiny remains high among lenders, banks are making construction loans and many developers expect to begin work on new apartments this year.
The report, which is based on data from every conventional apartment community with at least 50 units, includes the results of a survey of 107,949 in Mecklenburg, Cabarrus, Gaston, Iredell, Union and York counties.