Multifamily occupancy rates and rental prices in Charlotte are expected to make some gains due to projected 2 percent employment growth in the metro area this year, with vacancies stopping just above 6 percent.
Low construction rates contribute to the anticipated growth, with fewer than 1,000 new units being produced, Multi-Housing News reports. Job gains are expected to be notable in the education and health services sectors, according to Marcus & Millichap. Financial firms, on the other hand, are expected to reduce staff.
Bank of America has announced plans to cut thousands of jobs by 2014, which the news source notes may have a substantial impact. Despite that, Marcus & Millichap reports that 17,000 new jobs are expected to be created in the city this year, up from 5,000 2011 and equaling the number of positions added in all of North Carolina during January, according to the Charlotte Business Journal.
The city's multifamily owners and rental property management firms may experience some changes in the popularity of particular areas and asset classes as the type of jobs held by apartment residents shifts toward new sectors.