Charlotte bucks national apartment construction trend
Add Axios as your preferred source to
see more of our stories on Google.
The Charlotte metro area is on track for another big year in apartment construction, even while the nation's apartment boom slows.
Why it matters: Charlotte's pipeline is bucking the trend as higher building costs, higher interest rates, and a surplus of supply in other markets make developers cautious about starting new projects.
- The national numbers are still above normal for this decade, according to a report by listing site RentCafe.
The big picture: The Charlotte metro's strength in numbers comes from a high demand for luxury apartments, growing rental options in popular suburbs, and public investments in affordable housing.
By the numbers: Developers in the Charlotte metro — which encompasses 10 counties — are expected to deliver nearly 17,000 rental units by the end of the year.
- At the city level, more than 12,000 new units are expected to be completed in Charlotte this year, according to the report.
The big picture: Charlotte is growing fast, thanks to young professionals, families, and remote workers seeking affordability and opportunity, the report notes. Strong finance, tech, and health care sectors make it a magnet for people and businesses.
What we're watching: The region's population is projected to grow from 3 million to 4.6 million people by 2050, according to the Charlotte Regional Business Alliance.