Charlotte had the 4th fastest growing economy in the United States last year according to a new report from Headlight Data. Job growth has been more than double the U.S. average in 2016, going up 3.7 while the entire U.S went up by just 1.7%. This fast growing economy has been fueling a spate of new construction condominium towers Uptown, but just how much is too much?
Many of the new jobs in the Charlotte area are in construction. These jobs help support all of the new building as more people move to the area and need housing. There has been a lack of housing for an extended period as priced have climbed higher. New housing just hasn’t been able to keep pace with the demand for housing in the area.
Tenants have been signing on for leases in apartment towers Uptown. There have been fewer condo towers lately as demand for upscale apartments has been on the rise. Developers love these towers as there is less chance for failures that they saw with the for-sale condos. There can be vacancies in the first few months or years of these towers, but as population rises and job growth stays steady, the towers fill up. This means renters can reap the benefits of move in specials before the towers rent out completely.
There is also the possibility of these units being converted to condos at some point in the future. This would attract buyers who are leery of the risk of buying pre-construction. All of the new luxury apartment towers include high-end amenities such as heated salt water pools, spa like gyms, pet spas, clubhouses, wifi, 24-hour concierges, and much more.
With over 2,000 units currently under construction and more in the works, the luxury apartment market could be near the peak. Expect to pay around $1,729 per month average for rent in an Uptown tower. The three most recent towers to open are the Museum Tower, SkyHouse Uptown, and Ascent. We’ll keep an eye on the situation and report if anything changes.
If you are interested in purchasing a home Uptown, give us a call at (704) 525-4045. You can also view current listings on our website here.