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“In South End, developers Wyatt Dixon and Stuart Proffitt have purchased nearly 5 acres adjacent to the New Bern light-rail station, where they plan to build a 208-unit luxury apartment community called Fountains at New Bern Station.”
As an owner of rental properties in the South End/Dilworth area I will tell you the market is very strong. So strong in fact that one of my tenants asked to renew well before their lease was set to expire for fear of not being able to find something comparable when the lease was up. So I of course happily obliged. Most of the apartment complexes have > 90% occupancy which is great for landlords, not so great for renters. This place at New Bern is one of many projects that will go up in and around uptown in the next few years.
As an owner of rental properties in the South End/Dilworth area I will tell you the market is very strong. So strong in fact that one of my tenants asked to renew well before their lease was set to expire for fear of not being able to find something comparable when the lease was up. So I of course happily obliged. Most of the apartment complexes have > 90% occupancy which is great for landlords, not so great for renters. This place at New Bern is one of many projects that will go up in and around uptown in the next few years.
Yep, that area is getting ready to really take off. Its location is key. Rentals will do very well there.
Yep, that area is getting ready to really take off. Its location is key. Rentals will do very well there.
I am going to be signing a lease at the Circle at Southend next week. Prior to that I tried to find a rental via Craigslist. One condo I replied to their ad 10 minutes after it was posted. I went and looked, very interested in renting but I was told that they were contacted by a few others before me and they would have first chance to rent it.
Really, 10 minutes after the ad and I wasn't the first one? A company owning land on both sides of the tracks from Ideal Way up to around where Lowe's on South Blvd is has started to clean up their lots (across from Mac's) for planned apartments.
Also Colonial Village at Southend which is just north of the Pepsi plant is going to start construction. Another CBJ article from a month or two ago said overall about 6 apartment projects are going to start in Southend.
That wasn't even counting the demo of the Ascot Inn, the reuse of the current senior public housing across from the Circle, and the redevelopment of the Simpson Lighting site.
It's simply supply and demand. Nobody is BUYING right now so everyone wants to rent. All the apts are raising their rates. They can raise their rates, bc. everyone is scared to buy. A lot of ppl are starting to buy, bc. they can own for cheaper than renting.
I swear that Colonial Village of Southend sign has been up since i moved to Charlotte. Hope they get the ball rolling on that.
The apt market does appear to be doing swimmingly here. Not great for us renter because they can almost charge what they want for both new renters and worst for those wanting to renew. I know my complex has very little empty apts.
You would think some of these developers and builders would be lowering prices and offering incentives for first time homebuyers.....
I can confirm that rents are up. Last year I rented my Condo for $1150 / month and last month I rented the same place for 24 months at $1500 per month.
My agent did the deal and obviously I am very happy. We turned away 3 prospective tenants in 3 weeks until I got my price.
If you are looking to rent it would be a good idea to compare properties and to try hard for a discount on the rent.
At our current apartment complex we just left, the rental cost for our particular unit increased by 18% from when we started our curent lease to the end of it. Needless to say, we bought.
Simple laws of supply and demand. Nobody wanting to buy, rents go up.
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