Mobile
Wednesday, April 8, 2009
News 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.
Speaking of...
Latest in The CLog
More by Rhiannon Fionn-Bowman
-
Cancer's better with a side of 'shrooms
Aug 7, 2020 -
The Last Mountain will move viewers
Aug 4, 2011 -
Government's mixed message for women
Aug 2, 2011 - More »
-
Jigsaw, Dating App That Hides Users’ Faces, launches in Charlotte, NCTo Fight Superficial Dating App Culture 3
-
Question the Queen City: The story of Mabel Rea 4
The Charlotte native went Hollywood, returned home and met a tragic demise.
-
Knight and Day: Plot eclipsed by stars 1
Cruise and Diaz are main reasons to consider seeing mindless action flick.
