CHARLOTTE, N.C. — A report by Rent Cafe showed the US is set to beat its record in the number of new apartment units, reaching more than half a million. Queen City sits on that list, but there is a growing number of vacancies across Charlotte.
At times, building something from the ground up takes time. But new apartments in and around Charlotte seem to pop up in the blink of an eye. The report by Rent Cafe showed Charlotte ranked in the top 10 for the number of new units, sitting at 54,647. That's about 10,000 more than normal.
“Well I’m not surprised at all," Phillip Otienoburu with Charlotte Center City Partners said. "Charlotte has remained quite vibrant.”
Otienoburu said the Queen City has always been a banking hub, but that landscape is still developing.
"We have significantly diversified the economic environment," he said. "We are seeing advancements in the tech industry and in healthcare. We are producing world-renowned doctors. It’s a fantastic job market and a great place to live.”
As more properties continue to build, Charlotte might have a different problem. A report by Apartments.com showed Charlotte is also in the top five for cities with apartment vacancies, coming in at 12.5%.
The report added it expects that to balance out through the remainder of 2024.
Contact Austin Walker at awalker@wcnc.com and follow him on Facebook, X and Instagram.