When it comes to the multifamily industry, we keep our ears to the ground for every aspect with a special focus on the three markets -- Atlanta, Charlotte and Raleigh -- where we perform our core services. We gave an update in April about the apartment growth trends in Atlanta; let’s talk about three trends in the Charlotte apartment industry this month.
To summarize the Charlotte multifamily industry in one word, it’s booming. And given that Charlotte was one of the country’s hottest moving destinations in 2020, with experts expecting growth to head in the same trajectory, we don’t think the growth will decrease any time soon. In fact, to support that influx, “The Charlotte metro could see nearly 10,900 apartments deliver in 2021, which would be a multidecade high,” according to a prediction by Adam Couch, market analyst at RealPage in a recent Charlotte Business Journal article.
The pandemic triggered many buying trends (e.g., outdoor heaters, bicycles, lumber) and behaviors (e.g., enjoying the outside!) that will continue for weeks, months and maybe even years to come. Within the world of multifamily living, renters should expect to see “screened-in porches, outdoor kitchens and other enhanced outdoor features, both in units and as part of community amenities” as developers are planning to include outdoor oases into future projects. Other modifications developers are exploring are indoor/outdoor fitness centers and nook/shelving that could help to accommodate an in-home office, according to the article.
Wanted: Suburbs & Space
Another trend experts are attributing to pandemic-induced behavior changes? A need for space. Across the country two-bedroom apartments are quite popular, not only rising year-over-year, but also “surpassing their pre-COVID growth rates, up 5.2% to $1,662,” according to GlobeSt. “In Charlotte, the price for those units is up 11% year-over-year, while Boston is almost 4% less than a year ago.”
Plus, similar to the Atlanta suburban sprawl trend, there are many projects underway or in progress in Charlotte suburbs - the most “ambitious” projects according to the article. Keep your eye on areas like Concord, Fort Mill, Indian Land, Kannapolis, Matthews, Rock Hill and Salisbury.
Check back on the blog for more multifamily trends, contact us if you’d like a one-stop-shop for your apartment turns or apply to join our service professional (e.g., cleaner, painter, resurfacer, etc.) team.