Steady Rainfall Could Prompt Higher Rent Rates at New Charlotte Apartments

All the rain we've been getting over the past week - while it's good for recovering from the drought - is bad for construction.

Right now, there are 40 apartment complexes under construction. One of them, Lexington Apartments near the Dowd YMCA is a week behind schedule due to the recent downpours, according to Marsh Properties.

If projects like this one get further behind schedule, Ken Szymanski, Executive Director of the Greater Charlotte Apartment Association, says the extra expense could be passed on to renters.

"It has an impact on the consumers. If it costs more to construct, it will cost more to rent. That will be translated to a degree into the formulation of the rent rate consumers are asked to pay," said Szymanski.

Marsh Properties, the company over the construction, says the it will eat up the cost and not pass it on.

Lexington Apartments are set to open December of next year. Of course that will depend on rain in the upcoming weeks.