Strong Job Market and Affordable Cost Of Living Attracting Renters to Charlotte
Charlotte’s employment market is driving demand for rental housing and spurring developers to ramp up activity. Healthy payroll expansion is attracting both young workers and retirees to the metro, a trend that bodes well for rental housing demand. During the five-year period from 2011 to 2016, the 20- to 34-year old cohort grew by nearly 10 percent, while those aged 55-plus expanded by more than 20 percent. The younger cohort is taking advantage of several expansions by innovation companies offering elevated salaries in a relatively affordable market. Although single-family rental homes will face competition from new Class A apartments for tenants, multifamily development is largely concentrated this year. The Uptown/South End and Rock Hill/Fort Mill areas are expected to receive the bulk of this year’s apartments, which will temper demand in those areas. Overall, the single-family rental market is on solid footing and headwinds[…]
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