Just how long does the Charlotte multifamily market have until it cools down? That might provide some heated discussion at our 2016 Multifamily Surge event on June 23 at the the Hilton City Center.
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"I don't believe Charlotte can be overbuilt with multifamily," Grubb Properties VP of development Rachel Russell, who will be a speaker, tells us. "Charlotte's a growing, desirable city that needs additional housing." The more pertinent question, she says, is how many units can be absorbed at the same or higher rental rates as they are today? Rachel (second from left) is snapped at a Grubb groundbreaking last year in Raleigh.
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"There is still rental growth to be had, but that growth may plateau in the near future for some submarkets," Rachel says, answering her question. "I'm watching the market carefully to see if the costs of capital and construction constrain the supply before rent growth has a chance to significantly decline."
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Rivergate KW Residential president Marcie Williams will also be one of our speakers. She tells us the early surge in demand came from Millennials, but the momentum is being maintained as Baby Boomers enter the rental pool. "Baby Boomers are downsizing from large mortgages or they've paid off their mortgages and are taking advantage of their investments," she notes.
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Older renters are still seeking top-tier finishes, which will drive demand for the more expensive product, Marcie says. "What these two demographics have in common is a desire to maintain their lifestyle without being tied down by the responsibility of ownership, and renting solves for both."
Hear more about the market at the 2016 Multifamily Surge event on June 23 beginning at 7:30am at the the Hilton City Center. Sign up here.
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