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Market Reporting that Matters

Late 2015 Moderation Affects Performance of Charlotte Apartments

Market Remains Very Strong

By Stephanie McCleskey | Tuesday, August 30, 2016

Average rent for Charlotte apartments increased in July for the sixth straight month, though the slight decline in rent during the second half of 2015 has affected the rate of growth this year ending July 2016, according to Axiometrics.

Average rents in Charlotte decreased by $10 per month in the second half of 2015. While that wasn’t a lot compared to other metros in the nation, it was enough to moderate the cyclical highs recorded last summer and fall. That said, Charlotte remains a very strong apartment market.

Demand from job growth continues to be strong, as Charlotte employers added 29,400 jobs in the 12 months ending in June, a 2.7% job-growth rate. Developers are expected to deliver 9,205 new units to the market this year and another 6,336 in 2017, which is high for the number of jobs being added.

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

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

 

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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