Charlotte apartment renters 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, according to Axiometrics, the leader in apartment and student housing market intelligence.
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.
“An increase in concessions is not uncommon this time of year,” said Stephanie McCleskey, vice president of research for Axiometrics. “Most properties’ prime leasing season ends when the school year begins.”
Charlotte-Concord-Gastonia Metropolitan Statistical Area (MSA)
In researching Charlotte as compared to the national market, Axiometrics reported data as follows:
| Oct.2016 | Sept.2016 | Oct.2015 | |
| Charlotte | |||
| Average Rent | $1,034 | $1,038 | $992 |
| Annual Effective Rent Growth | 4.3% | 3.5% | 5.7% |
| Occupancy | 95.5% | 95.7% | 95.7% |
| National | |||
| Average Rent | $1,285 | $1,291 | $1,253 |
| Annual Effective Rent Growth | 2.6% | 2.6% | 4.9% |
| Occupancy | 94.9% | 95.1% | 95.1% |
The rolling two-year data for Charlotte signal volatile effective rent growth and volatile occupancy rates.
Charlotte Submarket Report
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.
About Axiometrics
Axiometrics’ expertise is monitoring and reporting on the apartment and student housing markets, providing an in-depth view of volatile market trends. Axiometrics’ granular data-collection methods and thorough analysis help clients make profitable – and wise – decisions.
To learn more visit www.axiometrics.com, follow @Axiometrics or on LinkedIn, or call 214-953-2242.
