Charlotte Multifamily Report – August 2025
A mix of improving fundamentals and a growing economy make development a strong prospect.
Charlotte’s average advertised asking rents were up 0.1 percent on a trailing three-month basis through June, to an average of $1,594. The rate was 10 basis points below the national figure, which clocked in at $1,749. Charlotte’s rate had been slowly improving after the contractions recorded in 2024’s last quarter. Meanwhile, outstanding supply growth pressured occupancy, which stood at 93.8 percent in May and was below the nation’s 94.6 percent average.
Employment growth was 1.6 percent year-over-year through April, 80 basis points above the national rate. Charlotte added 30,400 net jobs over the 12-month period ending in April. Professional and business
services led gains with 10,500 positions added to the workforce. The area’s unemployment clocked in at 3.6 percent as of May, 60 basis points below the national rate, according to preliminary data from the Bureau of Labor Statistics. Developers completed the first of three phases of The Pearl Innovation District. The $1.5 billion project is a public-private partnership set to encompass 4.2 million square feet upon completion. The district is slated to create more than 5,500 on-site jobs over the next 15 years.
In the first half of 2025, Charlotte developers brought 8,337 units online, representing 3.5 percent of existing stock and 210 basis points above the national figure. Yardi Matrix expects 18,000 units to come online this year, which would make it the best-performing year since at least 2017.
