Originally published on September 6, 2024, by Veronica Grecu for NAIOP.

In 2024, the U.S. is set to achieve a new milestone in apartment construction: For the first time in history, the number of apartments completed in one year is anticipated to surpass the 500,000-unit mark. Developers are on track to complete over 518,000 rental units, which marks a significant 9% increase compared to 2023 and a 30% rise from 2022.

Originally published on August 24, 2024, by Veronica Grecu for NAIOP.

In 2023, the trend of transforming buildings into apartments saw a significant revival, nearing the peak levels of 2019 and 2020, as developers responded swiftly to the increased demand for housing after a two-year slowdown.

Originally published on July 16, 2024, by Alexandra Both for NAIOP.

The popularity of new homes built for the purpose of renting is peaking. Two drivers behind this boom are the rise of remote work and millennials reaching prime homebuying age while facing challenges in purchasing property.

The Town of Matthews has initiated an effort to curb Short Term Rentals (STRs) through the introduction of a text amendment to its Unified Development Ordinance (UDO).  Text Amendment 2024-2 does the following:

• STRs would be required to be separated from each other by a minimum of 800 feet, measured from property lines.
• They would be required to have a zoning permit and the permit would need to be posted publicly.
• Renters would not be allowed to hold special events or gatherings.
• A local manager or operator would be required to be located in or adjacent to Mecklenburg County.

During recent Commissioner meetings, several residents spoke in favor of imposing these restrictions but based on information provided by the Town, it is unclear how significant a concern this is to the vast majority of the population.  A review of the minutes of recent meetings indicates there have been a total of ten calls to the police related to STRs during the past three and a half years.  Of those, five were initiated by the STR owners and the other five came from area homeowners.  According to Town Staff, there are currently somewhere between 20 and 40 STR properties located within the Town of Matthews where the current population stands at over 30,000.

The public hearing on the text amendment began last night and has been extended to August 12th (STR conversation runs from 2:50:36 through 4:51:40).  Look for more updates and opportunities for engagement on this topic very shortly.    

Originally published on September 5, 2023, by Matthew Preston for NAIOP.

The diverse Gen Z generation has a wide range of priorities when it comes to choosing a city to live in. Some value affordability while others prioritize education and employment prospects. Still others are looking for a city with abundant recreational activities.