New Renter Survey Bodes Well For Multifamily Developers
Charlotte has the fifth-highest concentration of renters who are more likely to settle down in the city, according to a new survey by ApartmentList.
The San Francisco-based online rental marketplace asked 24,000 renters in 50 U.S. metro areas if they plan to move to a different city, and if so, why. In the Charlotte area, 60% of respondents indicated they would opt to leave Charlotte for another city, with Raleigh and Atlanta being the top choices for a new destination. While 60% may seem high, it is below the 64% nationwide average of renters who would prefer to pack their bags and leave their current city.
“That’s in line with what we’re seeing in Charlotte,” said Kris Fetter, managing director of real estate for Faison, which focuses on multifamily and mixed-use developments. “There is a propensity for people to stay here. The city has a great business climate with robust job growth that’s attracting young, diverse talent. Their money can go a lot further here than it can on the West Coast or in northern metropolitan areas.”
Faison has several Charlotte multifamily projects in the works, including a 64-unit development on Queens Road, as well as 7th & Caswell in Elizabeth, a 60-unit, mixed-use complex with 128K SF of street-level commercial space.
In the ApartmentList survey, Charlotte renters indicated that job opportunities and affordability were the main reasons they would leave for another city.
