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Increased Apartment Vacancies and Employment Growth in Charlotte Keep SFR Demand Stable

Charlotte employers are expected to expand head counts significantly faster than the national average this year, supporting household creation. The largest contributor to employment growth is the professional and business services sector, which added 8,200 positions in the 12-month period ending in the second quarter. The metro’s important financial activities sector also saw a fair amount of growth. A number of large companies are relocating to Charlotte, or expanding their existing presence. For example, Massachusetts-based LPL Financial is moving its headquarters to the state, while others local institutions such as AvidExchange are opening new regional headquarters. These jobs will support rental demand in the South and East Charlotte submarkets. Rental vacancy is expected to remain flat at 6.3 percent this year as supply and demand remain balanced. Nonetheless, conditions will remain sufficiently tight for property managers to[…]

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