{"id":1004094411,"date":"2014-04-14T06:04:18","date_gmt":"2014-04-14T14:04:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004094411"},"modified":"2020-05-14T01:21:27","modified_gmt":"2020-05-14T09:21:27","slug":"market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\/","title":{"rendered":"MARKET SNAPSHOT: Charlotte Apartment Market Up: Sales, Rents &#038; Vacancies to Climb in 2014"},"content":{"rendered":"<p><i>By Eliza Theiss, Associate Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004094415\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\/charlotte-2014-effective-rent-trend-mm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg\" data-orig-size=\"329,231\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Eliza Theiss&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1397149919&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Charlotte 2014 Effective Rent Trend MM\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg?w=329\" class=\"alignleft  wp-image-1004094415\" alt=\"Charlotte 2014 Effective Rent Trend MM\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg\" width=\"270\" height=\"189\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg 329w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg?resize=300,211 300w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><\/a><\/i><\/p>\n<p>The outlook for the Charlotte apartment market is set to remain positive and dynamic despite an expected decline in occupancy rates and concerns regarding payroll cuts in the finance sector, concludes <a href=\"https:\/\/www.marcusmillichap.com\/research\/reports\/Apartment\/NAR14_Charlotte.pdf\" target=\"_blank\">Marcus &amp; Millichap\u2019s<\/a> latest report. Although Charlotte has dropped one spot to number 30 in Marcus &amp; Millichap\u2019s national apartment index ranking and there is an expected 70 basis point increase in vacancies within Metrolina, the market remains strong. The vacancy uptick to 5.6 percent will be the result of supply outpacing demand, but the ratio will continue to remain healthy, with strong demand. 2014\u2019s 70 basis point increase is almost the double of last year\u2019s 0.4 percent.<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Supply-Demand-MM.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004094416\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\/charlotte-2014-supply-demand-mm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Supply-Demand-MM.jpg\" data-orig-size=\"331,227\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Eliza Theiss&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1397150666&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Charlotte 2014 Supply  Demand MM\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Supply-Demand-MM.jpg?w=331\" class=\"alignright  wp-image-1004094416\" alt=\"Charlotte 2014 Supply  Demand MM\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Supply-Demand-MM.jpg\" width=\"270\" height=\"185\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Supply-Demand-MM.jpg 331w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Supply-Demand-MM.jpg?resize=300,206 300w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><\/a><\/p>\n<p>2014 will bring 5,500 new units on the Charlotte apartment market, a 19.5 percent increase from last year\u2019s 4,600 new units. The majority of new supply is located in the Uptown\/South End submarket and as a result will lift vacancies both within this submarket and by enticing away renters from other submarkets.<\/p>\n<p>Among the new apartment projects expected to open this year is 1100 South Boulevard, a 331-unit upscale apartment community being developed in South End by a joint venture between USAA Real Estate Co. and Cambridge Development. The project is expected to start delivering units in November <i>(details <\/i><a href=\"https:\/\/www.multihousingnews.com\/news\/jv-breaks-ground-on-331-unit-apartment-project\/1004093260.html\" rel=\"nofollow\" target=\"_blank\"><i>here<\/i><\/a><i>)<\/i>. A further 5,500 units will remain under construction throughout Charlotte, such as Presidio, the 298-unit mid-rise being developed in South End, Charlotte\u2019s fastest growing apartment submarket. Presidio is the result of a partnership between Canyon Capital Realty Advisors and NRP Group <i>(project details <\/i><a href=\"https:\/\/www.multihousingnews.com\/cities\/charlotte\/canyon-and-nrp-partner-up-for-298-unit-apartment-project-in-south-end\/1004099709.html\" rel=\"nofollow\" target=\"_blank\"><i>here<\/i><\/a><i>)<\/i>.<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Sales-Trend-MM.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004094417\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\/charlotte-2014-sales-trend-mm\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Sales-Trend-MM.jpg\" data-orig-size=\"329,247\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Eliza Theiss&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1397149863&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Charlotte 2014 Sales Trend MM\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Sales-Trend-MM.jpg?w=329\" class=\"alignleft  wp-image-1004094417\" alt=\"Charlotte 2014 Sales Trend MM\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Sales-Trend-MM.jpg\" width=\"270\" height=\"203\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Sales-Trend-MM.jpg 329w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Sales-Trend-MM.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 270px) 100vw, 270px\" \/><\/a>Rent growth will be somewhat more tempered than the previous year\u2019s 6 percent in part due to the growing supply. Leasing incentives offered by new developments will also dampen growth. However, rents will increase 3.5 percent to an average $911 per month.<\/p>\n<p>Marcus &amp; Millichap<i>\u2019s <\/i>report brings to attention another factor contributing to the market\u2019s positive outlook: the costly single-family market, characterized by rising prices and inflating interest rates. By opposition, the multifamily market continues to experience low interest rates, which will lead to an escalation in sales, especially in Class B and Class C assets, where cap rates range between 7 and 8 percent. Competitive lending paired with the shrinking price gap between buyers and sellers will also contribute to a surge in sales activity.<\/p>\n<p>Charlotte\u2019s growing job market will continue to offer ample employment opportunities to the local job market, while also attracting workers from other areas, increasing both the tenant base and its buying power. The employment pool is expected to grow by 2.5 percent or 22,300 jobs, a significant part of which will be generated by the professional service and retail industries.<\/p>\n<p><i>Charts courtesy of Marcus &amp; Millichap<\/i><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The outlook for the Charlotte apartment market is set to remain positive and dynamic despite an expected decline in occupancy rates and concerns regarding payroll cuts in the finance sector, concludes Marcus &#038; Millichap\u2019s latest report. <\/p>\n","protected":false},"author":49,"featured_media":1004094415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582],"tags":[],"class_list":["post-1004094411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MARKET SNAPSHOT: Charlotte Apartment Market Up: Sales, Rents &amp; Vacancies to Climb in 2014 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MARKET SNAPSHOT: Charlotte Apartment Market Up: Sales, Rents &amp; Vacancies to Climb in 2014\" \/>\n<meta property=\"og:description\" content=\"The outlook for the Charlotte apartment market is set to remain positive and dynamic despite an expected decline in occupancy rates and concerns regarding payroll cuts in the finance sector, concludes Marcus &amp; Millichap\u2019s latest report.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-04-14T14:04:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T09:21:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/04\/Charlotte-2014-Effective-Rent-Trend-MM.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"329\" \/>\n\t<meta property=\"og:image:height\" content=\"231\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/market-snapshot-charlotte-apartment-market-up-sales-rents-vacancies-to-climb-in-2014\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"MARKET SNAPSHOT: Charlotte Apartment Market Up: Sales, Rents &#038; 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