Charlotte and cities all over are in the midst of a rental boom. Apartment complexes are popping up everywhere. According to the Charlotte Business Journal …“With demand for apartments still strong, two major Charlotte real estate firms are planning multifamily developments uptown.Childress Klein Properties and Faison have each closed on center-city parcels in separate deals last month.” In Charlotte they can’t build apartment complexes fast enough and homes for rent are snapped up in hours. Is somebody trying to tell us something? YES.
It’s kinda like the African savannah… a circle of habitation if you will. For the past few years (almost) everything has aligned for home buyers…insanely low mortgage rates, abundant and favorably price homes for sale and plenty of money to lend. And yet….renting all the rage. The problem is many would be homebuyers are either under water on their current home, unemployed, under qualified or leery….or all four!
Homebuyers are leery for good reason, for now. But that is going to change, it seems to be starting right now (especially here in Charlotte – see my Charlotte’s moving dirt, again post) and one precursor to increased home values and resurgence of homebuying is ironically the rush to rent. Builders build and they usually build too much, as this happens rents come down, as rents come down buying becomes even more attractive and there you have it the circle of habitation is complete.
ps…while we’re on the topic of rentals the DNC convention is coming to Charlotte Uptown September 2012 check out this post about DNC digs.com for rental info
OK homebuying or homeselling in Charlotte is not a Disney script for sure but like the majestic Mufasa keep your ear to the ground…Scar has had his day, Charlotte’s savannah is turning greener everyday and Simba is coming!