Charlotte’s Under-Construction Apartments Could Usher In Lower Rent

Why it matters: Charlotte is one of the fastest-growing cities in the country, with the cost of living continuing to rise.

Driving the news: Charlotte is in the midst of one of the greatest apartment expansions in the country. That's mostly thanks to flexible, transit-oriented zoning around the light rail that allows for high-density construction.

• North Tryon, for instance, has become a row of timber towers with "leasing" banners.
• Average apartment rent is down to $1,566, compared to $1,601 last year, CoStar's director of market analytics Chuck McShane tells Axios. It's about a 2.1% drop.

By the numbers: Charlotte's apartment stock will increase by 13.2% over the next couple of years as construction finishes on 29,300 units, per CoStar data. Percentage-wise, it's the largest apartment expansion in the U.S., ahead of Austin and Miami.

• The last time Charlotte saw an across-the-board rent drop like this was after the Great Recession when people had lost their jobs and were consolidating households.

Yes, but...