Rental Market--way off as well as house sales? (Charlotte, Gastonia: real estate, apartments) - North Carolina (NC) - City-Data Forum

pink caddy · 02-05-2010, 05:35 AM

I frequently see on this forum that there are no storages of available apartments in the Charlotte area. In addition many members point out that it's cheaper and better to rent during the current downturn and wait out the storm, if and when that should happen.

What is the occupancy rate of apartments in Charlotte? Has this market collapsed as well since renters can not afford more than (___________)?

Can one find a 2-3 bedroom apt. in a fairly safe area for under $800?

Would love to hear experiences of newcomers to Charlotte (in the past 2 years) in renting their apartment.

Brooklyn_QueenBee · 02-05-2010, 10:51 AM

Here are some links for your review. Yes, you could find an apartment under $800 in a safe area. The rental market has collapsed and will continue to fall.
I moved to Charlotte July 2007 and paid $928 for rental, this past December my rent was going up to $954. I marched into the office and my rent was dropped to $845. I thought I was getting a bargin, now I see rents in my complex as low as $816, with many vacant units. Since I work in corporate real estate and cover the housing market, I see the deals come in weekly, where owners need help to keep from going into foreclosure.
Charlotte's Multifamily Market Stays On Its Toes - Local Markets, Apartment Trends, Rent Trends - Multifamily Executive Magazine
Metros with the Biggest Rent Drops: Charlotte-Gastonia-Concord, N.C. - BusinessWeek
4th Quarter 2009 Apartment Vacancy Hits 8% | Tenant Screening Blog
Rising Apartment Vacancy Rates Could Threaten Regional Banks - DailyFinance
http://www.redcapitalgroup.com/Resea...lotte_3Q09.pdf

pink caddy · 02-05-2010, 12:17 PM

^^^^^^Thank you Brooklyn Queen for the links. Much appreciated.

CharlotteGal · 02-05-2010, 04:43 PM

I'm not a newcomer... but I do know rents are down for sure. We moved two years ago, and need to move again because my landlord is putting this house on the market. We can get more house for less money than 2 years ago. I didn't want to move, but the lower rent will be helpful!