Hey, what do you know, another Meck Deck prediction coming true.
Doug Smith reports that rents have dropped almost 40 percent at the high end and 15 to 20 percent on more modest digs. And check this:
Uptown’s vacancy rate jumped to 21.7 percent from 12.1 percent in August after two condo projects converted units to apartments and an apartment owner dropped plans to go condo.
In South End, nearly 1,300 apartment units are under construction along the Lynx light rail line.
“I’m very concerned about the urban market – it’s going to be tough for two to three years,” said Doug Levin, whose Gateway Homes is building a 296-unit apartment project in the University City area.
Exactly. Charlotte seriously overbuilt in a New Urbanist frenzy, cheered on by official city policy which distorted demand in favor of the transit-oriented projects unelected city staff preferred.
They all — from Deborah Campbell on down — should resign in disgrace. Or be fired by the Charlotte city council. If only we had one.
