Charlotte Ranks Among 20 Cities with Highest Rent Increases
- Mar 23, 2015
By Eliza Theiss, Associate Editor
The National Association of Realtors (NAR) has named Charlotte among the top-20 cities with the highest rent growth over the past five years, the Charlotte Business Journal reported.
According to the NAR , Charlotte’s apartment industry saw rents expand by 15.6 percent between 2009 and 2004, landing the Queen City on the 20th spot on the list.
As a result it should come as no surprise that Charlotte is experiencing a veritable apartment boom. One company that seems to be on a development roll is local developer DPJ Residential. The company, which is also developing the 77-unit Asbury Flats on Freedom Drive, has recently filed papers to rezone a 2-acre site on Central Avenue, the Charlotte Observer reported. DPJ plans to develop a boutique apartment community consisting of one three-story and one four-story structure as well as a swimming pool. DPJ is also developing Lofts at the Music Factory on a 1.29-acre parcel abutting the popular 175,000-square-foot entertainment and nightlife hub of the N.C. Music Factory. According to Charlotte Business Journal, the 100-unit Music Factory project might be followed by a 120-unit project in Wilmington, N.C.
Dominion Realty Partners LLC from neighboring Raleigh, N.C. is looking to get a piece of Charlotte’s apartment pie as well. According to the Charlotte Business Journal, the full-service real estate organization is under contract to acquire 3.3 acres in Uptown across Irwin Avenue from Gateway Village from Bank of America Corp. Dominion plans to start construction by mid-summer on the 300-unit project. The complex will consist of a parking deck bounded by a five-story structure. The yet-to-be-named project will be Dominion’s first ground-up development in Charlotte. Dominion has been in active in the multifamily market of Southeastern cities such as Richmond, Virginia and Raleigh, N.C.
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Image credits: DPJ Residential and Dominion Realty Partners