Charlotte Ranks In The Top 5 For Number Of New Apartments

Downtowns have been revitalizing across the country in the last 10 years and even more in the south.  A recent analysis conducted by StorageCafe ranked downtowns by the apartment growth they have seen in the last decade. And the top 10 featured Charlotte as seeing some of the largest growth in the form of new apartments.

We've certainly seen a revival of uptown in the past few years, with more and more individuals looking for the convenience of city living. Charlotte has added over 13,000 new apartments to uptown in the last ten years. Those 13,000 new units make up roughly 57% of the total existing uptown residences. And while that's a large number construction is underway on 3,500 additional units.

There is a great deal of polarization when it comes to city living - some people love the hustle and bustle of the city center areas, while others prefer quieter neighborhoods a little further away. Despite the rapid development of suburban life, downtown living has never lost its appeal

To see which urban cores are brimming with new housing options, StorageCafe looked at the downtown areas of the country’s 100 largest cities. Then they ranked those cities based on the number of multifamily units delivered over the past 10 years. If you've paid any attention over the past few years you aren't surprised Charlotte ranked so high-it seems new apartment construction is never-ending. Honestly, I feel like by the time the hotspot areas reach full construction no one is going to want to live in those areas! But I'm sure developers have done their research. I only wish the increase in supply would make my rent go down instead of up!

Renters are feeling the pain of the housing crisis and inflation through with record-breaking rental prices. I know personally mine went up $200 a month when I resigned my lease in June. That's an extra $2,400 a month which is not a small difference.  And while making day-to-day more expensive it also makes it more difficult for renters to save for a home and get out of the rent game. This prompted Lawn Love to conduct a study on the most expensive metros for rent. They compared 185 markets and discovered that the median rent in the country is $2,000. Ouch. I was shocked however at the most expensive cities for rent in both North and South Carolina.

I would have thought easily Charlotte would be the most expensive, but the Queen City is not. In fact, they are the 9th-ranked metro in the Carolinas. Ninth. And I thought we had it bad. The rankings are based on average rent prices and the year-over-year change, renters insurance, as well as a percentage of renters who spend 30% or more of their income on rent.

With housing prices still at record highs, there really is no relief for your average American these days. The probably is exasperated by rental companies coming in and buying up the limited supply of houses to then rent or flip to sell. 

Check out the 25 most expensive metros for rent in the country and the North & South Carolina rankings below.

Overall Score: 53.35

Rent Prices Rank: 15

Rent Affordability Rank: 43

Cost Inflators Rank: 68

Overall Score: 48.86

Rent Prices: Rank: 30

Rent Affordability Rank: 56

Cost Inflators Rank: 57

Overall Score: 47.71

Rent Prices: Rank: 36

Rent Affordability Rank: 52

Cost Inflators Rank: 64

Overall Score: 46.59

Rent Prices: Rank: 48

Rent Affordability Rank: 36

Cost Inflators Rank: 118

Overall Score: 42.7

Rent Prices: Rank: 63

Rent Affordability Rank: 71

Cost Inflators Rank: 116

Overall Score: 41.72

Rent Prices: Rank: 92

Rent Affordability Rank: 55

Cost Inflators Rank: 61

Overall Score: 41.62

Rent Prices: Rank: 68

Rent Affordability Rank: 85

Cost Inflators Rank: 115

Overall Score: 41.13

Rent Prices: Rank: 35

Rent Affordability Rank: 162

Cost Inflators Rank: 108

Overall Score: 39.84

Rent Prices: Rank: 56

Rent Affordability Rank: 148

Cost Inflators Rank: 88

Overall Score: 39.77

Rent Prices: Rank: 89

Rent Affordability Rank: 77

Cost Inflators Rank: 114

Overall Score: 39.47

Rent Prices: Rank: 81

Rent Affordability Rank: 100

Cost Inflators Rank: 110

Overall Score: 38.24

Rent Prices: Rank: 88

Rent Affordability Rank: 102

Cost Inflators Rank: 120

Overall Score: 37.51

Rent Prices: Rank: 141

Rent Affordability Rank: 51

Cost Inflators Rank: 49

Overall Score: 37.16

Rent Prices: Rank: 105

Rent Affordability Rank: 103

Cost Inflators Rank: 62

Overall Score: 34.7

Rent Prices: Rank: 119

Rent Affordability Rank: 111

Cost Inflators Rank: 117

Overall Score: 32.26

Rent Prices: Rank: 164

Rent Affordability Rank: 80

Cost Inflators Rank: 122

Overall Score: 30.56

Rent Prices: Rank: 166

Rent Affordability Rank: 125

Cost Inflators Rank: 69