It’s the question about Charlotte’s apartment boom that I get most often from readers: “When will the bubble burst?”
That was the title of a forum hosted Thursday by the Greater Charlotte Apartment Association. Jay Parsons, a Dallas-based specialist who tracks apartment data for MPF Research, said that question is being asked in other booming markets throughout the U.S. as well.
“We’re building a lot of apartments across the country, but they remain full,” said Parsons. It’s a cycle – high demand is translating to higher occupancy rates, driving rents higher and spurring more people to develop apartments.
So if you’re waiting for an apartment bubble to burst in Charlotte, don’t hold your breath. Developers and other industry insiders I spoke with are generally optimistic as well, counting on an ongoing influx of millennials and Charlotte’s growing population to fill new units.
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Source: Charlotte Observer