CHARLOTTE-Although not out of the woods yet, the Charlotte apartment market should begin to stabilize or even improve later this year, according to a first-quarter 2010 Market Update by Marcus & Millichap. Supply growth and declining demand for rental units increased the vacancy rate for the Charlotte area by 260 basis points over the 12-month period ending on March 31, 2010 to about 11.5%.

But the vacancy rate rose just 90 basis points during the last six months of that period, as job loss moderated. The vacancy for the metro area is expected to climb to 12% this year, a rise of 70 basis points, compared to an increase of 310 basis points in 2009.

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