The state’s fastest-growing rent is in — Gastonia?
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Photo by Dora Meulman via Flickr (Creative Commons)
Here in Charlotte, we’re no strangers to expensive rent. It looks like the smaller towns around the city are starting to get in on the action.
The fastest-growing rent in the state of North Carolina can be found in Gastonia, just 20 miles to the west, according to a new report from RentCafe.
Rent there increased more than 9 percent in February versus the same month a year ago. That’s an increase of $68 over the year.
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Photo via Facebook
Luckily, rent in Gastonia is still fairly affordable. The report pegs the average rent at $799, still well below the Charlotte average of $1,100.
For comparison, rent prices grew about 3 percent in Charlotte over the year, the report states, held down by the rapidly increasing supply.
Why the rapid growth?
Apartment developers who helped build South End are now turning their attention elsewhere as they look for affordable land.
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There’s been significant interest in Belmont, just over the Catawba River from Charlotte, and eyes are wandering further west.
The Historic Loray Mill Village residential and commercial project, which opened in 2015, is an early example. Rent at the Loray Mill Lofts Apartments starts at $949 for a one-bedroom and goes up to $1,700+ for three.
Photo by Loray Mill Loft Apartments via Facebook
The Icon on the Greenway apartments, renovated in 2016, range from $860 to $1,150.
A $5 million boutique hotel is on the way in downtown Gastonia, and town leaders are working on a sports and entertainment district.
Cover photo by Dora Meulman via Flickr (Creative Commons)