Charlotte Apartments Offering More Lease Concessions

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Charlotte Apartments Offering More Lease Concessions

Effective Rents Fall for Second Straight Month

By Stephanie McCleskey | Thursday, December 1, 2016

Renters of Charlotte apartments are being offered more lease concessions than they were just a couple of months ago, which is one reason the average rent
decreased in October for the second straight month.

Owners of new properties are offering an average of 25 days’ free rent to attract residents, while managers of existing properties are apt to give the equivalent of a $50 gift card to new residents.

One of those properties, the Julien, even offered a free month of craft-beer delivery to new residents.

But an increase in lease concessions is not uncommon this time of year. Most properties’ prime leasing season ends when the school year begins.

In researching Charlotte apartments as compared to the national market, Axiometrics reported data as follows:

The rolling two-year data for Charlotte signal volatile effective rent growth and occupancy rates.

Of the 15 Charlotte submarkets with more than 1,000 units, the following areas comprised the top five for annual effective rent growth in October 2016.

Stephanie McCleskey

Stephanie McCleskey

VP Data Acquisition

Stephanie McCleskey has been instrumental in developing—and maintaining—the foundation supporting the timely collection and dissemination of in-depth apartment market and student housing data. Her tenure at Axiometrics has generated a rigorous quality control method to ensure on-time reports and accurate data for Axiometrics clients.

McCleskey also organized and now oversees research and tracking processes for Axiometrics’ construction pipeline process, creating the methodology to update under-construction and lease-up properties on a monthly basis, thus ensuring clients have access to immediate and indispensable data for effective decision making purposes. Additionally, her efforts are focused on supervising, managing, motivating and training a value-add team of Axiometrics researchers.

McCleskey received her degree in real estate finance from Southern Methodist University’s Cox School of Business.

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