CHARLOTTE, N.C. — The Queen City is growing at a remarkable pace, and more and more people are moving to Charlotte every year. With that comes the need for more housing.
Charlotte neighborhoods are turning over and quickly becoming the hot spots for people to settle down for both work and play. One of those neighborhoods is South End, where construction on new apartment buildings is on just about every corner.
The demand to live in South End is so high, micro-apartments are popping up. They're less than 400 square feet and rent is more than $1,000 a month.
Experts say it could become a trend.
South End is one of the top choices for young professionals moving to Charlotte.
“I think it’s awesome in terms of the social setting and the work,” said Kevin Montano, who lives there.
It's created a housing boom. Everywhere you look there are cranes and construction as new apartment buildings go up.
“They want to be in the thick of it, they want to be close to where their job is, they want to be close to where they play at night,” said TJ Larsen, the founder of My Townhome Realtors.
Over the past decade, he's watched South End transform. With public transportation, the rail trail, restaurants and bars, the neighborhood itself is the amenity pulling young professionals out of uptown.
He says in that time, rent has gone up 80%.
Now micro-apartments are becoming available. Less than 400 square feet they will save a renter a little money on rent, but they’re still around $1,000 a month.
“I think that’s a stretch. When I think of those types of apartments I think of cities like New York," Montano said. "I don’t think we're there yet."
But the market shows the want and need is there. And with construction costs going up too, it’s an effective way for management companies to get more bang for their buck.
“I think the idea of smaller units, micro-apartments, whatever the name might be will take off because people want to be in the area,” Larsen said.
MORE ON WCNC CHARLOTTE: