The apartment market in Charlotte is booming. According to a recent article from The Charlotte Observer, around 10,400 new apartment units have been developed in the Uptown Charlotte area. That is a whole lot of apartments!
A trend in some of the new projects being developed focuses on luxury apartment spaces, with finishes like high-quality kitchen appliances and quartz or granite countertops. But why make the investment to include high-end finishes on apartments that will just be rented? Developers and real estate experts in the Charlotte area are predicting that many apartment units will be converted to condos within the next few years. How can this happen?
The reason that the apartment market in Charlotte skyrocketed was because of the recession. Individuals simply did not have the funds and were not willing to take a risk on purchasing a condo, and developers had a difficult time financing their planned condo projects. As a result, many former condominiums, such as the Catalyst and the Vue, were converted to apartments.
Now that the job market is improving and Charlotte residents feel more secure with their income earnings, developers are expecting individuals to become more interested in purchasing condos in the near future. As the demand for condos increases, so will their resell potential. Residents will then be even more confident in their purchases once they feel like they are making a wise investment that has resell potential.
Several new projects are capitalizing on this optimism. Crescent Communities is building a new apartment complex on 36th Street in NoDa, and they have noted that the development could include condos. DPJ Residential is slated to build new apartments in the Plaza Midwood area, and they have also indicated interest in potentially converting the units to condos in the future.
There is no denying the growing popularity and appeal of the Charlotte region, so it is only natural that the apartment and condo markets also reflect these gains. If you are interested in renting right now, take full advantage of the luxury apartment projects being developed. If you would prefer to own, just give the area a few more years to catch up with its condos. No matter your preference, there is something for everyone in the Queen City.