There’s an article in the N&O about how apartments are on the rise in downtown. They say that higher interest rates and a growing downtown work force are to blame. This is good news for the downtown area as rental units are definitely needed. I really think that the planned apartments will do very well and may perhaps spur more development. With all these apartments coming, more people who do not want to commit so much time and money into a condo can move downtown. Some quotes from the article:
At least 179 apartments are planned and another 250 could be on the way in the biggest wave of apartment projects the downtown area has ever seen.
Crosland is expected to be first in. The Charlotte developer plans to begin next month on 179 apartments at Boylan Avenue and Tucker Street.
There are at least 18,000 downtown workers within a one-mile radius of downtown’s center — up 16 percent from two years ago, according to estimates by booster group Downtown Raleigh Alliance. The work force is projected to grow at least 23 percent in the next two years. Meanwhile, the number of bars and restaurants in the Glenwood South entertainment district has doubled to about three dozen since 2001, and more are coming.
Now, Crosland estimates it will ask roughly $1,200 a month for a 1,000-square-foot apartment — 46 percent more than the regional average for the same-size unit. Smaller units will go for $650.