CHARLOTTE — There’s some good news around the corner for current and prospective renters in Queen City, according to The Charlotte Ledger.
A recent spike in apartment construction in Charlotte has caused rents to decline, even in some of the most popular areas in town.
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CoStar Group, a real estate information company, released new data showing that average South End rents are down 4.6%, down 3% in Uptown, and 2.2% in SouthPark compared to this time last year, The Charlotte Ledger reports.
Vacancies throughout Charlotte have hit a new high of 10.7%.
Experts say the drop in prices comes from simple supply and demand: more people are moving into apartments in the Charlotte area, but the number of apartments available is going up as well, leading to higher vacancies in complexes.
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