Charlotte Multifamily Report – May 2025
Metrics look good despite the new supply wave.
Charlotte’s multifamily market remained generally strong in the first three months of the year, despite some softening fundamentals. Average advertised asking rents were up 0.3 percent, on a trailing three-month basis, to $1,600, outperforming the nation by 20 basis points. The metro’s average overall occupancy rate in stabilized properties remained unchanged year-over-year, at 93.6 percent as of March, which signaled healthy demand following the 2024 supply surge.
Employment growth in Charlotte stood at 1.2 percent year-over-year through January, 20 basis points ahead of the U.S. figure. The jobless rate stood at 3.9 percent as of January, 10 basis points below the U.S. figure, according to preliminary data from the Bureau of Labor Statistics. Over the 12-month period ending in January, Charlotte added 23,000 net jobs, with education and health services leading growth (7,300 positions). The upcoming Novant Health Performance Center, a $150 million development, recently broke ground near Spectrum Center and is slated for delivery ahead of the 2026-2027 basketball season.
Deliveries in the first quarter totaled 2,469 units, accounting for 0.8 percent of existing stock and 30 basis points above the national figure. This was on the heels of 14,543 units completed in 2024, making it the best year for deliveries over the past eight years. Meanwhile, investment volume in the first quarter totaled $154 million.
