Charlotte in middle of major apartment building boom

Charlotte in middle of major apartment building boom

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by MICHELLE BOUDIN / NBC Charlotte

Bio | Email | Follow: @MichelleBoudin

WCNC.com

Posted on March 21, 2013 at 6:35 PM

Updated Saturday, Oct 12 at 2:26 AM

CHARLOTTE, N.C. -- It’s becoming a familiar sight across the Queen City—construction. There are more apartments going up.

“It’s definitely the hot market, and it’s exciting to see the market coming back. It’s primarily being driven by an influx of young folks wanting to come to Charlotte,” says developer Clay Grubb.

Grubb says for the last few years the economy was driving the apartment market, but that's changing for the better.

“I think that is why apartments have done so well the last few years because there were a lot of folks coming out of homeownership. But that cycle is pretty much done, and so most of the future demand is really coming from the young folks that are relocating to cities like Charlotte,” he continued.

Check out the numbers: the Charlotte Apartment Association says the number of apartments under construction last year is 3,147.  That number now is more than double at 7,473.

And get this: there's another 10,738 proposed.

“I sometimes wonder, ‘Are we going to have empty apartments?’ But we don’t,” said city council member Patsy Kinsey.

 In fact, she says there’s a need for more affordable apartments like the ones she helped break ground on Thursday.

The average rent in Charlotte is 849 bucks; that’s up about 10-percent in the last two years.

And developers say most of the action is in the heart of the city.

“Downtown is clearly the winner for that generation, so I expect to see a lot more development in downtown Charlotte,” Grubb said

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