CHARLOTTE — The Charlotte region added 146 multifamily developments totaling almost 31,000 units in the past two years, so it would be no surprise if there was a glut of empty apartments.
But there is a surprise: There’s no glut. Not even close.
And the rental rate malaise hitting Sunbelt cities such as Nashville, Miami, Atlanta and Austin has already moderated here. While those markets saw annual one-bedroom rent declines of between 3.3% and 4.8% last year, rates here quickly rebounded by the end of 2024.
So far in 2025, the Charlotte market’s overall average rent is $1,636 per month, and Class A properties are averaging $1,779 per month, according to data from CoStar. That’s down about 1% from 2022 — the year before a record run of construction — and just slightly less than 1% above last year.
Andrea Howard, Northmarq regional managing director of multifamily investment sales, said that while supply remains strong, the bigger story is how much demand exists in the market. Charlotte ranked No. 9 in the nation for apartment demand, followed by Raleigh-Durham at No. 10. They joined five other Sunbelt cities in the top 10.
“We’ve been the poster child for demand. It’s off the charts,” she said. “If you look back at the history of our cycles, this phenomenon of absorbing 5,000-plus more units than what we delivered has never happened before.”
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