Demand for apartments in the Charlotte metro area keeps rising.
The average occupancy rate for the metro area — Mecklenburg, Cabarrus, Gaston, Iredell, Union, and York counties — is at 93.3 percent, up from just under 93 percent in September, Charlotte-based Real Data said today.
Rents are up, too, according to Real Data, which says the average rate for an apartment in Charlotte is $786 a month. In September, when Real Data’s last report on the area’s apartment market was published, the rate was $780.
Demand for Charlotte-area apartments is strong because of the ongoing weakness in the for-sale housing market, Real Data said today, adding that “new supply has been stifled over the past two years, resulting in a tighter market.
“However, there are now more than 3,000 units under construction, and developers have plans for another 8,300 units throughout the area. While banks are now making construction loans, their continued caution will help restrain the potential for any overbuilding.”
Rents are up more than 5 percent in apartment complexes over the past year.
In the six-county area, Uptown has the highest average rental rate — $1,216 a month — according to Real Data, which surveyed 108,327 units in apartment communities with at least 50 units.