What's Next for Charlotte Multifamily?
Charlotte's apartment market is burning bright, but will the next 12 to 24 months be any better? We're bringing together a panel of experts at Bisnow’s New Development and Rezoning for the Future: Charlotte’s Multifamily Boom event next Tuesday, Oct. 28 at the Westin Charlotte starting at 7:30am to discuss the next steps (or missteps) for the city's multifamily market.
Spectrum Residential president Steve McClure, who will speak at the event, tells us that for owners who analyze the underlining fundamentals with a long-term hold perspective, Charlotte’s multifamily fundamentals will continue to be strong. “If you’re just looking at the next two years in isolation, then there’s is going to be a little strain in some of the submarkets,” he explains.
The good news, Steve adds, is that Charlotte has a solid Millennial population and continues to rank high in attracting young workers. Charlotte’s also doing a good job of urbanizing, which sets it apart when it comes to competing for both job growth and renters. “With urban options, a high quality of life, and a relatively low cost of living, Charlotte will continue to have a strong multifamily market for years to come,” he says. Pictured: Spectrum Residential’s City Center Green.
Charter Properties partner John Porter (right, snapped with Crescent Communities VP Ben Collins at a previous Bisnow event; Ben will speak at next week’s event as well) tells us that he expects demand drivers for multifamily to continue to be strong because Charlotte continues to generate jobs. The increase in Class-A office investment sales and the announcement of new office development is evidence of confidence in the local job market. Retail development, specifically grocer interest, is strong and further supports such a conclusion about job growth. “It’s a fool's errand to predict 24 months out, but I feel very good about the next 12,” he says. Please join us for Bisnow’s New Development and Rezoning for the Future: Charlotte’s Multifamily Boom event next Tuesday, Oct. 28 at the Westin Charlotte starting at 7:30am. Sign up here!