Charlotte Multifamily Report – January 2025
Amid record supply, occupancy has actually inched up.
Despite a wave of deliveries, the Charlotte multifamily market showed positive signs as the year ended. During the seasonal slowdown, average advertised asking rents were down 0.4 percent on a trailing three-month basis as of November, to $1,577. Still, rent movement was positive for five consecutive months last year, between April and August. And somewhat surprisingly, occupancy in stabilized assets inched up 10 basis points year-over-year, to 93.9 percent, as of November.
Employment in Charlotte expanded 1.8 percent as of September, 40 basis points above the national average. Charlotte added 28,600 net jobs over 12 months, with the area’s unemployment at a tight 3.4 percent as of October. That was 70 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. Education and health services, which led growth, could see an additional boost from the ongoing development of a 1.1 million-square-foot hospital. The $900 million project is slated for delivery in 2027.
Charlotte deliveries totaled 12,048 units through November, nearly double the national figure. The figure marked a decade high and represented 5.3 percent of existing stock. However, construction starts dwindled last year through November, down some 50 percent compared to the same period in 2023. Meanwhile, investment slowed, with volume at about half of 2023’s total.
