Charlotte Tops The Nation In Apartment Expansion As A Percentage Of Existing Stock
Charlotte is leading the country in growing its apartment stock, increasing its supply nearly 5.9% from Q1 '16 to Q1 '17. That is the biggest expansion by percentage among the top 100 U.S. metros for the time frame, according to a new report by MPF Research, the apartment data arm of RealPage. Charlotte added 9,347 new units during the four quarters.
Charlotte's growth far surpasses the national apartment inventory growth rate of 1.8% year-over-year in the first quarter. The Queen City is just ahead of second-place Nashville's 5.8% increase. Next in the ranking were Columbia, S.C. (4.4%), Austin, Texas, and Raleigh/Durham, N.C. (4.1% each), and Houston (3.8%).
The ratio of units under construction to total inventory in Q1 '17 was 7.7% in Charlotte, fourth in the nation after Nashville, Charleston, S.C., and Dallas.