Uptown and South End Charlotte named #1 busiest submarkets in U.S.January 22, 2015 11:33 am
Property Management Insider just named the Uptown and South End neighborhoods in Charlotte the #1 busiest submarkets in the U.S. for residential development, according to data published by MFP Research.
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The Nation’s Top 10 Busiest Submarkets: 1. Uptown/South End Charlotte, NC
The U.S. apartment market has seen elevated construction levels in this cycle. But construction activity has been concentrated in some spots more than others, and MPF Research has identified the nation’s 10 busiest submarkets for construction in this cycle. The submarkets were identified based on inventory growth since 2012, including the total number of units completed since 1st quarter 2012 and the total number of units under construction at the end of 3rd quarter 2014.
Uptown/South End, Charlotte
Taking the top spot on our list of the 10 fastest-growing apartment submarkets is Uptown/South End in the Charlotte metro. This submarket’s inventory growth rate since 2012 is 81.9% – 15.3 percentage points higher than the No. 2 submarket, North San Jose/Milpitas. Submarket inventory growth rate calculations include new apartment supply since 2012 plus units under construction at the end of 3rd quarter 2014. Turning Uptown/South End’s growth rate into an actual unit count, the submarket has received 2,621 new apartments since 2012 and had an additional 3,545 units under construction in 3rd quarter 2014.
So what is it that is driving apartment growth in the Uptown/South End Charlotte submarket? Let’s take a look at the area’s history, which will give us a good idea.