IF YOU BUILD IT, THEY WILL RENT
Sluggish home sales have triggered record demand for apartmentsin Charlotte at the same time almost no new units are being built. (Only 500 units are now under construction in the entire metro area, and none were started in the past six months.) More than 7,000 unitswere absorbed last year, the strongest rate ever recorded by local market watcher Real Data. Occupancy is now 91%. Though rents for the period have been relatively flat at $733/month, the need for new units hasn?t been lost on developers. More than 4,000 units are now planned, and many could get started this year, Real Data says.