CHARLOTTE, N.C. (WBTV) - Your eyes don’t deceive you. Developers in Charlotte are building apartments at a breakneck pace and now that growth has received national recognition.
According to the real estate research firm Real Page, the Charlotte metro area ranks tenth in permits for multi-family development. Mecklenburg County ranked third in the country.
Despite that, rent continues to grow at a steady rate. According to Real Data, the average rent for a Charlotte apartment is $1,238 per month. Real Data reports that as of Sept. 2019 there were 12,000 apartment units under construction in Charlotte with another 8,000 proposed.
While city taxpayers have agreed to subsidize millions of dollars in helping developers build affordable housing units other changes in the city might make more impact on the affordable housing crisis.
In 2019, city council passed a new ordinance called Transit Oriented Development. It allows developers to build taller units than allowed by zoning regulations if they provide certain amounts of affordable housing units.
City council recently rezoned more than 1,500 acres of property along the LYNX Blue Line for Transit Oriented Development.