Effective Rents Fall for Second Straight Month
Axiometrics - Stephanie McCleskey- 01 December 2016
Renters of Charlotte apartments are being offered more lease concessions than they were just a couple of months ago, which is one reason the average rent decreased in October for the second straight month.
Owners of new properties are offering an average of 25 days’ free rent to attract residents, while managers of existing properties are apt to give the equivalent of a $50 gift card to new residents.
One of those properties, the Julien, even offered a free month of craft-beer delivery to new residents.
But an increase in lease concessions is not uncommon this time of year. Most properties’ prime leasing season ends when the school year begins.
In researching Charlotte apartments as compared to the national market, Axiometrics reported data as follows:
The rolling two-year data for Charlotte signal volatile effective rent growth and occupancy rates.
Of the 15 Charlotte submarkets with more than 1,000 units, the following areas comprised the top five for annual effective rent growth in October 2016.