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Rents down in Charlotte compared to a year ago

And many of those are filling, but there aren't enough people to fill all of those, so vacancy rates of apartments are at a record high of about 10.7%. And so when we had a surge a couple of years ago in construction of apartments, those don't come online for a couple more years — until this year. We're seeing a whole bunch of apartments come online right now, and that even though there are more people moving to the Charlotte area, it's not enough to make up for all of the apartments that are now available.

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