Wednesday, April 8, 2009
Less (rent) is more (vacancies)
Posted by Rhiannon Fionn-Bowman on Wed, Apr 8, 2009 at 10:28 AM
The average monthly apartment rental rate in the Queen City has dropped $26 in six months, but vacancies could be bad news for apartment employees and that doesn't help all of those who have moved in with their family.
The average apartment rent in the Charlotte area fell during the past six months for the first time since 2005.That's a concern for apartment landlords in a market plagued by job insecurity, a rising supply of units and growing competition from condo and single-family owners unable to sell their dwellings.
The vacancy rate rose to 11.8 percent in February from 9.1 percent in August and likely will go higher as 6,000 apartment units are completed, said Engle Addington at Real Data, which surveys the market twice a year for the Charlotte Apartment Association.
The average monthly rental rate dropped in February to $725 from $751 in August, according to Real Data.
Read the rest of this Charlotte Observer article here.
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