Charlotte apartment boom could slow soon

CHARLOTTE -- With building after building popping up all over Charlotte, it seems like rocketing apartment construction knows no bounds.

It's built plenty of excitement for those in the business, like Greater Charlotte Apartment Association Executive Director Ken Szymanski.

The amount of construction is at a record amount, he said. It's like 40 apartment communities currently under construction, and that's a little bit over 10,000 apartment dwelling units. And there's a similar number that are on the drawing board.

He said most of the growth is due to pent up demand from young people coming out of the recession.

[It's coming from the young people] that don't want to be saddled with debt and want to have flexibility, and mobility and opportunity to move to different parts of the state, or different parts of the region, or different parts of the nation, said Szymanski.

But what goes up must come down.

Ten thousand units a year, year in, year out, through 2016 I would say is probably not sustainable, Szymanski said.

Real Data monitors and researches apartment real estate across the Southeast. President Charles Dalton says it's just part of the real estate cycle.

I'd say we're at the top, and we need to ramp it down a little bit, Dalton said.

That's because supply, according to Real Data's latest report, is starting to outpace demand.

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Charlotte apartment boom could slow soon